Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

SWIFT Defies Calls to Disconnect Russia
October 14, 2014 16:39

Photo Credit:
There’ve been hawkish calls from some Western leaders, including a statement by the European Parliament, to disconnect Russia from the Swift transactions system over its alleged role in the Ukraine crisis.
Russia has shrugged off the threats, suggesting it has an alternative and warning the step would have serious costs for the Western financial system.
SWIFT itself has come out with a statement to defy political pressure and media hysteria.
“SWIFT and its stakeholders have received calls to disconnect institutions and entire countries from its network – most recently Israel and Russia.
SWIFT has underscored its neutral character.  a neutral set up. Founded under Belgian law in 1973, the global cooperative company is a provider of secure financial messaging services. Headquartered in Belgium, the organization connects more than 10,500 banks, financial institutions and corporations in more than 200 countries and territories around the world.
SWIFT is a critical service provider to the financial industry and plays a pivotal role in supporting international commerce and trade,” says a press release.
The company has been adamant it will not yield to political pressure and make unilateral decisions to disconnect institutions from its network.
It “regrets the pressure” and “the surrounding media speculation” that could undermine the systemic character of the services that the organization provides globally.
“Any decision to impose sanctions on countries or individual entities rests solely with the competent government bodies and applicable legislators. Being EU-based, SWIFT complies fully with all applicable European law,” runs the statement.
Russia is certain the threat will never materialize but is working out alternatives to ensure uninterrupted international transactions are available to Russian banks even in the worst case scenario.
The Central Bank operates its own system but it could be too expensive for other lending institutions to join it.

Following the independence referendum in Crimea and an outbreak of the civil war in the east of Ukraine, the West has introduced a number of far-ranging sanctions against Russia’s richest and powerful individuals and officials as well as state-run corporations and banks. 

Author: Mikhail Vesely

Tags: Russia International     

Next Previous

You might also find interesting:

Estonia Fears Russia Russian Law: Parliament in Action Sochi 2014 Olympic Facilities Overview of New Traffic Rules Bill City Hall Wants Waste Outsourced

comments powered by Disqus

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

Russian business  accommodation in Perm  Andrei Voznesensky  Sochi 2014  Moscow Operetta  Festivals in Moscow  Sculpture  Mercedes-Benz Fashion Week Russia  Coins  obituary  Rostov-on-Don  Transportation  Sochi Games   Central House of Artist  technology  Moscow scyscrapers  Charity  zoology  Sculptures  Russian economy  Kamyshin  Leningrad Region  Sergey Kolyavkin  Mstislav Keldysh  St. Petersburg  Buzz Barometer  rural tourism  religious tourism  Rock Concerts  Krasnodar Territory  Russian drinks  Kazan  Russian courts  Exhibitions in Moscow  Russian Cinema  Nicholas I  Kuzbass   Moscow  travel to Russia  Ilya Oleynikov  Concerts in Moscow  Moscow International House of Music  Russian painters  Almetyevsk  Russian social networks users  Roman Abramovich  emigration  VKontakte  Russian tourism  Dagestan 

Travel Blogs
Top Traveling Sites