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SWIFT criticizes European parliament for recommendations to cut Russia off the system

September 18, 2014, 23:36 UTC+3 MOSCOW
The SWIFT Company described the EU resolution as a discriminatory document and an example of unequal regulation
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MOSCOW, September 18 /ITAR-TASS/. The European Parliament’s recommendations to cut Russia off the SWIFT inter-bank financial system are violating the company’s rules and are causing huge damage to its reputation, SWIFT said in its statement published on Thursday. According to the underlying principles of European law fixed in the EU Charter of Fundamental Rights, the European Union violated the company’s fundamental rights to conduct business and its ownership right by having mentioned SWIFT in its resolution.

The SWIFT Company described the EU resolution as a discriminatory document and an example of unequal regulation. SWIFT added that EU’s possible actions might cause great damage to the company’s reputation.

The European Parliament discussed at its plenary session on Thursday the Ukraine crisis and the relations between the European Union and Russia.

The resolution adopted by the European Parliament “calls for the EU to consider excluding Russia from civil nuclear cooperation and the SWIFT system.”

In late August 2014, media reports said the UK had proposed banning Russia from the SWIFT network as part of an upcoming new round of sanctions against Moscow over its stance on developments in neighboring Ukraine. However, this proposal was not supported by the EU countries.

Russian Deputy Finance Minister Alexei Moiseyev said in late August Russia’s government had already drafted a bill to create a local alternative to the SWIFT payment system.

The European Parliament’s resolution, however, will not have any special consequences because it is not a guide to action for the EU governments. At the same time, the document reflects the general atmosphere in Europe, which should be borne in mind.

SWIFT, which wants to be a global and neutral supplier of financial services, noted, however, that the European Parliament resolution had not affected its work with Russian companies.

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