UK to discuss possibility of banning all Russian banks from SWIFT system

The United Kingdom favors disconnecting all Russian banks from the SWIFT messaging system, said Foreign Secretary Liz Truss, stating that this initiative will be discussed with G7 representatives and EU foreign ministers, News.Az reports.

There is a need to go further by ensuring that no Russian bank has access to the SWIFT system, Britain’s top diplomat told journalists during a visit to Lithuania.

The foreign secretary also underscored the need for efforts to reduce dependence on Russian hydrocarbons, including oil, gas and coal.

The European Union on Wednesday excluded seven Russian banks from the SWIFT messaging system and introduced further restrictions amid Moscow’s ongoing military attack on Kyiv.

The EU decided in particular to prohibit the provision of specialised financial messaging services, which are used to exchange financial data (SWIFT), to Bank Otkritie, Novikombank, Promsvyazbank, Rossiya Bank, Sovcombank, VNESHECONOMBANK (VEB), and VTB BANK’.

This prohibition will enter into force on the tenth day after the publication in the Official Journal of the EU.


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