SWIFT: ‘ No Authority to Cut Russia or Israel From the International Global Payment System ‘

#AceBreakingNews – October 06  – SWIFT will resist barring Russian and Israeli banks from the global payments system, as it has ‘no authority’ to make unilateral sanctions decisions, the Belgium-based group said Monday.

“As a utility with a systemic global character, it has no authority to make sanctions decisions,” the statement said, stressing that the group is a ‘’neutral global cooperative company” in a statement released on Monday

“SWIFT services are designed to facilitate its customers’ compliance with sanctions and other regulations, however SWIFT will not make unilateral decisions to disconnect institutions from its network as a result of political pressure,” the communique said.

The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is currently one of Russia’s main connections to the international banking system, and if turned off, could hurt Russia’s economy, in the short-term.

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