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EU Parliament wants Russia excluded from financial transfers system

19 September 2014, 10:41 CET
EU Parliament wants Russia excluded from financial transfers system

Photo © Roman Levin - Fotolia

(STRASBOURG) - The European Parliament on Thursday urged the EU to consider excluding Russia from the SWIFT system for global financial transactions as an additional punishment for its role in the Ukraine conflict.

SWIFT immediately denounced the proposal as discriminating against the firm, damaging its reputation and infringing on its EU-enshrined right to do business.

In a non-binding resolution, the European Parliament among other things called on the "EU to consider excluding Russia from... the Swift system."

Such a measure would complement tough economic sanctions targeting major Russian banks, energy and defence companies adopted earlier this month by the European Union.

These sanctions followed Russia's "violation of international law with the illegal annexation of Crimea and the destabilisation of Ukraine," the resolution said.

It also condemned Russia "for waging an undeclared 'hybrid war' against Ukraine with the use of regular Russian forces and by supporting illegally armed groups."

The parliament said it supported the latest EU economic sanctions against Russia and deplored the tit-for-tat measures taken by Moscow, adding they were not justified.

It stressed that a landmark association agreement between the EU and Ukraine and which both parliaments ratified Tuesday, "cannot and will not be changed," despite pressure from Moscow.

In a statement, SWIFT (Society for Worldwide Interbank Financial Telecommunication) denounced the proposal.

"The singling out of SWIFT in this manner interferes disproportionately with SWIFT's fundamental right to conduct business and its right to property," it said.

"It also constitutes discriminatory and unequal treatment," it added.

Condemning the "immense damage to our company's reputation," it said its mission is to remain "a global and neutral service provider" to the financial services industry.

Further information, European Parliament

Adopted text will be available here (click on 18.09.2014)


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