InvestorQ : Do you see the EU pushing Russia out of SWIFT payment system?
Crowny Pinto made post

Do you see the EU pushing Russia out of SWIFT payment system?

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3 months ago
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Even as the European Union leaders pledged tougher financial sanctions on Russia, there is not much consensus about the exclusion of Russia from SWIFT. For instance, Ukraine has requested Belgium to remove Russia from SWIFT and the US and UK have supported the move. However, the EU is wary about such a move considering the deep links with Russia, their dependence on Russia for energy needs and exposure of EU banks to Russia.

SWIFT, the international payment protocol, is based out of Belgium and is currently being used by over 11,000 institutions globally. SWIFT is popularly used to move money from one bank to another bank in a different country. EU leaders are unconvinced about the idea of removing Russia from SWIFT as it will have serious consequences for EU, considering its deep economic links with Russia and their alternative payment system SPSS.

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