The European Union is currently do not consider taking steps cut russia off SWIFT global interbank payments system as he discusses a new package of punishments against Moscow for launch a invasion against Ukraine, according to sources.
Foreign ministers of the Baltic States called on Thursday to stop Russia access to SWIFT.
Other EU Member States are reluctant to make such a move because, while it would be hit Russian banks hardthat would make it difficult for European creditors to obtain their money back and Russia has in anyway been building up an alternative payment system.
“Urgency and consensus is the top priority at the moment,” an EU diplomat said, adding that at this stage that does not mean move on SWIFT, car it would have such far-reaching consequences across Europe.
Another EU diplomat said: “I am not aware of a deal (on SWIFT sanctions) at this stage.”
Bank data of International regulations (BIS) shows that European lenders hold the lion’s share share of the nearly 30 billion dollars in exposure of foreign banks to Russia.
SWIFT based in Belgium, a messaging service network widely used by banks to send and receive money transfer orders or informationis supervised by central banks in in the United States, Japan and Europe.