French MP says West should respect Crimean people’s choiceWorld March 29, 14:12
Russian-US relations at record-low — top lawmakerRussian Politics & Diplomacy March 29, 14:09
Tehran, Moscow enter new stage of cooperation — RouhaniWorld March 29, 14:06
Senator highlights Russian-Iranian ‘combat brotherhood’ in Syria backed at highest levelRussian Politics & Diplomacy March 29, 13:49
Palestine names conditions for peace treaty with Israel — AbbasWorld March 29, 13:45
Ukraine to continue upholding its position on Russia’s $3bln debt lawsuit in London courtBusiness & Economy March 29, 13:35
Church spokesman slams St. Isaac’s handover referendum bid as ‘counter-productive’Society & Culture March 29, 13:29
Press review: Sberbank's loss on Ukrainian subsidiary sale and Central bank under firePress Review March 29, 13:00
London High Court to hear Russia’s lawsuit on Ukraine’s $3bln debt in expedited procedureBusiness & Economy March 29, 12:31
“I believe that the European Union will not do the bidding as this is nonsense,” Ulyukayev said, stressing that Russia will make every effort to protect its banking system.
“I think that in fact this will not happen, but we, of course, should be ready for even this unlikely scenario,” the Russian minister told journalists on the sidelines of the Sochi Investment Forum.
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.
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.