European Parliament neither works out projects nor makes decisions on imposing sanctions, its pleas is a mere expression of its opinion regarding the desirable actions. Sanction draft laws are worked out by the European Commission, whereas their approval rests with the EU countries.

"Calls on European Union to consider excluding 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.

Source: RIA News