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SWIFT system has no intention to disconnect Russia

October 06, 2014, 14:52 UTC+3 BRUSSELS
SWIFT and its stakeholders have received calls to disconnect institutions and entire countries from its network, the international settlement system says in a statement
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© ITAR-TASS/EPA/ALI HAIDER

BRUSSELS, October 6. /TASS/. The international inter-bank settlement system SWIFT has no intention to unilaterally disconnect Russia, SWIFT said in a statement on Monday.

“SWIFT and its stakeholders have received calls to disconnect institutions and entire countries from its network — most recently Israel and Russia,” the statement said.

“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 to its customers around the world,” the statement said.

“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,” the document said. “SWIFT will not respond to individual calls and pressure to disconnect financial institutions from its network,” it added.

The Society for Worldwide Interbank Financial Telecommunications (SWIFT) transmits 1.8 billion communications a year, remitting payment orders worth $6 trillion a day. The system comprises over 10,000 financial organizations from 210 countries.

Under the SWIFT charter, groups of members and users are set up in each country covered by the system. In Russia, these groups are united in the RosSWIFT association.

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