Disconnect Russia from SWIFT immediately: Growing number of nations call to ban Russia from the global payments system

Momentum has been growing across the world to cut off Russia from the global SWIFT payment system, with Greece, Italy, and Cyprus joining Canada, the US, Britain, and the European Union in calling for a further round of sanctions in response to Russia’s invasion of Ukraine.

Greece on Saturday said that it will support any European Union line on sanctions against Russia, including measures to cut off Moscow from SWIFT, a senior government official said.

“Greece will support the EU’s line on sanctions, including on SWIFT,” the official said, declining to be named.

SWIFT is a secure messaging system facilitating rapid cross-border payments and the main mechanism financing international trade.

Such a move, if taken, would mark a further escalation of concerted sanctions by the West against Russia and would make it harder for Russian companies to do business.

Greek Prime Minister Kyriakos Mitsotakis called Ukraine President Volodymyr Zelenskiy on Saturday, saying Greece had favoured the harshest EU sanctions against Russia after its attack and stood ready to provide assistance.

Similarly, Italian Prime Minister Mario Draghi will also support disconnecting Russia from the global payment system, the leader of a main coalition party said.

“Mario Draghi confirmed Italy will support banning Russia from SWIFT,” Enrico Letta, leader of the PD, wrote on Twitter.

Cyprus, which has extensive business links with both Russia and Ukraine, and was speculated to be among a few countries with reservations about quickly ejecting Moscow from SWIFT, was also quick to clarify its stance on Saturday.

The country has not opposed proposals to cut Russia off from the SWIFT system, Cypriot Finance Minister Constantinos Petrides said. “In the name of EU unity and solidarity to Ukrainian people Cyprus has NOT objected to ANY EU sanctions including cutting Russia off Swift,” Petrides said in a Twitter post.

“Everything is on the table,” Petrides tweeted.

The governor of a central bank within the euro zone also told Reuters on Saturday that a decision to cut Russia off from SWIFT would be taken in a matter of days.

Canada, the United States, Britain, and the European Union had, on Friday, said that they could act to exclude Russia from SWIFT in a further round of sanctions aimed at halting Russia’s invasion of Ukraine.

Such a move could happen in the coming days after officials in two European countries that had voiced reservations - Germany and Italy - softened their opposition against kicking Russia out of the world’s main international payments network, U.S. and European officials said.

— Reuters