Swift reacts again at the pressure to cut off Russia and Israel from network

SWIFT and its stakeholders have received calls to disconnect institutions and entire countries from its network – most recently Israel and Russia. Swift says that it „regrets” the political pressure it has come under in recent months to cut off institutions and whole countries from its network, stressing that it does not have the authority to decide on sanctions.

„SWIFT regrets the pressure, as well as the surrounding media speculation, both of which risk undermining the systemic character of the services that SWIFT provides its customers around the world. As a utility with a systemic global character, it has no authority to make sanctions decisions.”, according to SWIFT sanctions statement.

„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. SWIFT will not respond to individual calls and pressure to disconnect financial institutions from its network.”, says SWIFT în the press release.

There has been a growing clamour for Russia to be expelled from Swift over the crisis in Ukraine, with the European Parliament among those floating the possibility. There is precedent for Swift being made to cut off a country by the EU. In 2012 it was told to disconnect Iran as the European Council sought to choke off the supply of funds for the country’s nuclear energy programme.

Founded in 1973, SWIFT is a global provider of secure financial messaging services headquartered in Belgium. The Company is operated for the collective benefit of its Shareholders, to facilitate the study, creation, utilisation and operation of the means necessary for the telecommunication, transmission and routing of private, confidential and proprietary financial messages.
As a member-owned cooperative connecting more than 10,500 banks, financial institutions and corporations in over 200 countries and territories around the world, the company’s mission is to act and operate in the interest of its entire member community, reflecting its global membership.