Swift said on Tuesday it was waiting for information on which banks authorities want to be disconnected from its global financial messaging system as a sanction in response to Russia’s invasion of Ukraine.
The European Union, the United States, France, Germany, Italy, Canada and the United Kingdom agreed on Saturday that some Russian banks will be removed from Swift to hamper the country’s ability to operate globally.
“We will always comply with applicable sanctions laws,” Swift said in a statement Tuesday.
“We are talking to these authorities to understand which entities will be subject to these new measures and we will disconnect them as soon as we receive legal instructions to do so.”
Banks use Belgium-based Swift to send millions of instructions daily, supporting trillions of dollars in annual payments to support international trade.
The Council of EU States, which is expected to publish a list of affected banks, did not immediately comment.
The world’s financial system is cutting ties with Russia and its banks to prevent Russian companies from raising funds in foreign markets.
I have over 8 years of experience in the news industry. I have worked for various news websites and have also written for a few news agencies. I mostly cover healthcare news, but I am also interested in other topics such as politics, business, and entertainment. In my free time, I enjoy writing fiction and spending time with my family and friends.
