SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. Established in 1973, it is an association of thousands of financial institutions that share information about transactions. With the help of this system, bank customers can make international transfers in foreign currencies. Today, it is the basis for settling accounts with entities abroad, for example trading partners. Thanks to SWIFT, millions of people can also send money abroad, for example to their family.
Lithuanian, Latvian and Estonian foreign ministers in a joint communiqué released on Thursday condemned Russia’s aggression and called for Russia to be separated from it.
“The entire international community must condemn the actions as much as possible, imposing the strictest possible sanctions on it, including its separation from the SWIFT system and political isolation,” the press release reads.
The President of the Czech Republic, Milos Zeman, spoke in a similar vein, calling Putin a “madman” and describing his decisions as “irrational”. – It is time to resort to much stricter sanctions than originally planned. I mean, first of all, sanctions in the area of the SWIFT banking system – emphasized Zeman.
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Russia will not be cut off from SWIFT? “There is no information about consent”
However, other Member States are reluctant to take such a move as it would make it difficult for European financial institutions to recover the money they borrowed. In addition, Russia could create an alternative payment system, he points out.
Germany, Italy, Hungary and Cyprus, in particular, were allegedly opposed to Russia being cut off from SWIFT.
“Speed and unity are top priorities right now,” said an anonymous EU diplomat, quoted by the agency. He added that at this stage the decision to cut off Russia from SWIFT would have far-reaching consequences, also in Europe.
Another EU diplomat added that “there is currently no information about the consent [na odcięcie Rosji od SWIFT] at this time”.
Data from the Bank for International Settlements (BIS) show that European entities have the largest share of nearly USD 30 billion in loans to Russian banks.
Ukraine demands that Russia be cut off from SWIFT. “Anyone Who Doubts Must Understand There Will Be Blood On His Hands”
However, Ukraine is calling for Russia to be cut off from SWIFT. “We demand the exclusion of Russia from SWIFT, the introduction of a no-fly zone over Ukraine and other effective steps to stop the aggressor,” the Ukrainian president wrote on Twitter.
“I will not be diplomatic on this topic. Anyone who now doubts whether Russia should be excluded from SWIFT must understand that he will have the blood of innocent Ukrainian men, women and children on his hands,” wrote Dmytro Kuleba, Minister of Foreign Affairs of Ukraine on Twitter . “Disconnect Russia from SWIFT,” he appealed.
The Russian war against Ukraine continues. There is information about houses destroyed, wounded and killed. Needs are increasing hour by hour. That is why Gazeta.pl joins forces with the Polish Center for International Aid (PCPM) Foundation to support humanitarian aid for Ukrainians and Ukrainians. Anyone can join the fundraiser by paying via Facebook or pcpm.org.pl/ukraina. More information in the article.
Source: Gazeta
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