EU Decides to Disconnect Russia from SWIFT System

The EU has made a final decision to disconnect Russia from SWIFT. This is reported by Russian media.

According to RIA Novosti, SWIFT— the global interbank information and payment system— is working with EU authorities to gather more information about the restrictions on Russian banks and is preparing to act according to the decision.

The Global Cooperative of Financial Institutions based in Belgium stated that the organization is neutral and operates based on orders received from separate entities and 'exclusively from competent state bodies and relevant legislative bodies.'

'We are collaborating with European authorities to determine the details regarding the subjects that will be subjected to new measures, and we are ready to implement them in accordance with legislative procedures,' the organization stated.

It was previously reported that SWIFT is planning to disconnect several Russian banks.