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European Parliament has no right to disconnect Russia from SWIFT, says expert

For the first time, the European Parliament called on disconnecting the Russian Federation from the interbank payment system in 2014 in a resolution adopted after the reunification of Crimea with Russia

MOSCOW, April 30. /TASS/. The European Parliament has no right to disconnect Russia from the SWIFT international payment system, head of the Otkrytie bank Mikhail Zadornov said in an interview with the Rossiya 24 TV channel.

"Actually, neither the European Parliament, nor the government has the right to disconnect this system [the international payment system SWIFT] or make any exceptions. Some restrictions for the country are theoretically possible and they were applied to certain countries. For example, theoretically, the administration of the United States can limit payments in dollars through the SWIFT system for a particular country," he said.

Zadornov noted that the introduction of restrictions for the Russian Federation in SWIFT is very unlikely, since the exclusion of a member from the international payment system would entail risks for the country that initiated such an action.

"Ultimately, such interference in the infrastructure of the international financial system would work against the United States of America, as an example, "the head of the bank stressed.

Zadornov added that Russia has created its own system for transmitting financial messages, thanks to which the largest banks in Russia are able to carry out a large share of payments. "Mir cards already account for 25% of physical plastic [payment cards]. And if we take non-cash payments, Mir's share is now about 20%," he stressed.

The head of the bank noted that the departure of the international payment systems Visa and Mastercard from the Russian market is pure speculation.

In recent years, Brussels regularly raise the topic of disconnecting Russia from SWIFT amid aggravation of relations between Moscow and the West. For the first time, the European Parliament called on disconnecting the Russian Federation from the interbank payment system in 2014 in a resolution adopted after the reunification of Crimea with Russia.