European Parliament may call on EU to consider excluding Russia from the SWIFT system due to the sanctions over the Ukraine crisis, reads the draft resolution of the five factions of European Parliament.
Vote on the resolution is to take place on Thursday, September 18.
"(European Parliament) calls on European Union to exclude Russia <…> from the SWIFT system", — reads the resolution.
SWIFT is a Society for Worldwide Interbank Financial Telecommunication. SWIFT processes over $6 trillion worth of payments and binds together over 10 thousand financial organizations in 210 countries. Today nearly every foreign currency interbank settlement using SWIFT enables banks to request information regarding Russian banks’ customers and if the data received is not satisfying, it allows you to block transactions.
Various mass media had previously presumed block of access of Russia to SWIFT within the scope of the new European sanctions, however, later on Reuters reported that European Commission did not discuss such a measure. According to the agency sources, such a measure would be too radical.
Source: RIA News