Latest Breaking News

Purveyor

(29,876 posts) Mon Oct 6, 2014, 03:26 PM Oct 2014

SWIFT Rejects Pressure to Block Russia, Israel From Its Network

Source: Bloomberg

By Jones Hayden Oct 6, 2014 11:25 AM ET

The SWIFT banking transaction system rejected “individual calls and pressure” to block institutions and countries from its network, saying only governments can make sanctions decisions.

“SWIFT and its stakeholders have received calls to disconnect institutions and entire countries from its network -– most recently Israel and Russia,” the Belgium-based Society for Worldwide Interbank Financial Telecommunication said today in a statement on its website. “SWIFT will not make unilateral decisions to disconnect institutions from its network as a result of political pressure,” according to the statement.

The U.K. floated the idea of blocking Russian access to SWIFT, the messaging system for most international money transfers, in the run-up to an Aug. 30 European Union summit at which leaders paved the way for tougher EU economic penalties against Russia. The SWIFT idea wasn’t considered at the time, according to two European officials.

“Any decision to impose sanctions on countries or individual entities rests solely with the competent government bodies and applicable legislators,” SWIFT said. “SWIFT will not respond to individual calls and pressure to disconnect financial institutions from its network.”

Read more: http://www.bloomberg.com/news/2014-10-06/swift-rejects-pressure-to-block-russia-israel-from-its-network.html

5 replies

= new reply since forum marked as read

Highlight:

SWIFT Rejects Pressure to Block Russia, Israel From Its Network (Original Post) Purveyor Oct 2014 OP

I knew this was going to happen. I don't know about Israel ballyhoo Oct 2014 #1

Be curious as to what their plan is rpannier Oct 2014 #2

Oil and gas for participating and other countries will only be ballyhoo Oct 2014 #3

I wish em luck with that rpannier Oct 2014 #4

It's the entire BRICS group going in on it. It has ballyhoo Oct 2014 #5

ballyhoo

(2,060 posts)

1. I knew this was going to happen. I don't know about Israel

Reply to Purveyor (Original post)

Mon Oct 6, 2014, 04:42 PM

Oct 2014

but if they try this on Russia there is already a plan in place. SWIFT will become STUPID.

rpannier

(24,329 posts)

2. Be curious as to what their plan is

Reply to ballyhoo (Reply #1)

Mon Oct 6, 2014, 08:45 PM

Oct 2014

Is it to arrest another few oil billionaires and confiscate their companies?
The ruble has hit a near two decade low against the dollar. The economy is teetering on recession. Oil prices continue to drop (which adds to the threat of recession and the ruble losing value), their companies can't borrow from US or EU lending institutions because of sanctions and their stock market is dropping.

ballyhoo

(2,060 posts)

3. Oil and gas for participating and other countries will only be

Reply to rpannier (Reply #2)

Mon Oct 6, 2014, 09:06 PM

Oct 2014

priced and paid for in currency other than the dollar.

rpannier

(24,329 posts)

4. I wish em luck with that

Reply to ballyhoo (Reply #3)

Mon Oct 6, 2014, 09:09 PM

Oct 2014

The Chinese economy is firmly tied with the US dollar. The Arab world and the EU as well.
With oil prices dropping and investors feeling uneasy about investing in Russia it isn't likely to have the effect they'd like

ballyhoo

(2,060 posts)

5. It's the entire BRICS group going in on it. It has

Reply to rpannier (Reply #4)

Mon Oct 6, 2014, 09:37 PM

Oct 2014

planned for years. Do you really think this entire new SinoRussia pact, which has already established something commensurate to the Fed, was about Russia going it alone? They will drop-kick the dollar like it was a lead weight. Next year.

Reply to this discussion