SWIFT Warning Fired Over Payment Blocking Plans As Russia Courts China

The world’s largest electronic payments system has reacted angrily to EU leaders attempts to use it as a punitive measure in the Ukraine crisis, as Russia mulls creating a rival interbank scheme.

Earlier this month the European Parliament voted through a non-binding resolution to address the conflict, in which SWIFT, the Society for Worldwide Interbank Financial Telecommunication, was singled out.

The private, non-profit organisation hit back, criticising calls for the EU to block Russia from being able to make international payments via the system and potentially damaging SWIFT’s impartiality.

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