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Russia to respond to possible disconnection from SWIFT — PM

January 27, 2015, 16:11 UTC+3
Dmitry Medvedev says there will be no limits to such a reaction
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Russian Prime Minister Dmitry Medvedev

Russian Prime Minister Dmitry Medvedev

© Dmitry Astakhov/Russian government's press service/TASS

KHMELYOVO VILLAGE (Bryansk Region), January 27. /TASS/. Western countries’ threats to restrict Russia’s operations through the SWIFT international bank transaction system will prompt Russia’s counter-response without limits, Prime Minister Dmitry Medvedev said on Tuesday.

"We’ll watch developments and if such decisions are made, I want to note that our economic reaction and generally any other reaction will be without limits," he said.

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 at the time. After recent shelling of the Ukrainian city of Mariupol some western countries again started calling to disconnect Russia from SWIFT.

SWIFT transaction system

The Society for Worldwide Interbank Financial Telecommunications (SWIFT) transmits 1.8 billion transactions 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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