SWIFT rejects call to block Russia, Israel

Reported by: |Updated: October 8, 2014

img_2061SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, which takes care of the banking transaction system across the world, has rejected what it described as ‘individual calls and pressure’ to block institutions and countries from its network. It said only governments can make sanctions decisions. The remark came in the wake of calls received by the Society and its stakeholders to disconnect institutions and countries from the network – Israel and Russia. It reiterated that it will not make unilateral decisions to disconnect institutions from its network as a result of political pressure. It is UK, which has been propagating the idea of blocking Russia from SWIFT in the light of tougher EU economic penalties against that country. SWIFT said any decision to impose sanctions on countries or individual entities rests solely with the competent government bodies and applicable legislators and SWIFT will not respond to individual calls and pressure to disconnect financial institutions from its network