The Society for Worldwide Interbank Financial Telecommunications (Swift) released a statement on Tuesday, in which it declares that it is in contact with authorities to understand which Russian entities would be subject to restrictions on their services. It also states that the disconnection of these entities will be done “as soon as we receive legal instructions” for this.
“We are aware of the joint statement by leaders of the European Commission, France, Germany, Italy, the United Kingdom, Canada and the United States, which expresses their intention to implement further measures to restrict access of selected Russian banks to our financial messaging services. Diplomatic decisions have led Swift to efforts to end this crisis, and we will always comply with applicable sanctions laws.”
Swift also laments the “tragic human consequences” of Russia’s invasion of Ukraine and stresses that it will continue to support “economic stability, resilience and prosperity across the global financial system, to support long-term resolution and recovery.” .
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