TV: Islamic State re-enters ancient city of PalmyraWorld December 10, 21:20
Saudi minister says Russia led consultations process with OPECBusiness & Economy December 10, 20:41
UK foreign secretary says protection of civilians should be 'top priority' in SyriaWorld December 10, 20:31
Non-OPEC states join historic oil cut dealBusiness & Economy December 10, 20:23
Russian diplomat urges Western reporters to be unbiased in war news coverageRussian Politics & Diplomacy December 10, 20:08
Russia, Oman enter committee for control over oil production — Iraqi oil ministerBusiness & Economy December 10, 20:07
Iran's oil minister says non-OPEC countries agree to cut oil production by 600,000 barrelsBusiness & Economy December 10, 19:42
Russia, Oman enter committee on controlling oil production created by OPEC - BloombergBusiness & Economy December 10, 17:40
Source claims OPEC and non-OPEC states finalizing results of meeting, agreement 'close'Business & Economy December 10, 17:07
"I think this is not going to happen. I would have called it an act of direct aggression against Russia's financial system with all subsequent consequences. This is a very tough measure," Kostin said at an international investment forum in Sochi.
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.
Russia's former finance minister Alexei Kudrin said on Tuesday that blocking Russia's access to the SWIFT might cause Russia’s GDP to shrink by 5%
“If the SWIFT system is cut off after all, this factor alone may cause a GDP contraction by up to 5% during the year since the restriction is imposed,” Kudrin said.
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 at the session, ran that the European Union should consider excluding Russia from the SWIFT system and cancelling agreements with Moscow in the energy sector, including the South Stream pipeline project.
However, SWIFT said in a statement that recommendations to cut Russia off the inter-bank financial system were violating the company’s rules and are causing huge damage to its reputation.