With ever louder chatter that the west will force Russia to exit the (EU-based) global currency messaging and interchange service that is SWIFT - essentially locking it out of transacting in "developed" currencies - and with correspondingly louder retorts by Russia that it is prepared and would welcome such a move as it would merely force it to abandon the petrodollar and allign even closer with China, there was one entity whose take on the matter had been largely ignnored. SWIFT itself.
Surprisingly, in a press release issued this morning,the member-owned cooperative, reveals that not only has it received "calls to disconnect institutions and entire countries from its network – most recently Israel and Russia", but that it regrets "the pressure" as the "surrounding media speculation, both of which risk undermining the systemic character of the services that SWIFT provides its customers around the world."
And if SWIFT has now gone so far as to distance itself from the source of such external "pressure" which needs no clarification, then surely the dischord behind the SWIFTean scenes is far greater than meets any mainstream media eye.
From the press release:
SWIFT and its stakeholders have received calls to disconnect institutions and entire countries from its network – most recently Israel and Russia.
SWIFT is a neutral global cooperative company set up under Belgian law. It was established by and for its members to create a shared worldwide messaging service and a common language for international transactions. SWIFT provides services to over 10,500 financial institutions and corporations in over 200 jurisdictions around the world. SWIFT is a critical service provider to the financial industry and plays a pivotal role in supporting international commerce and trade.
SWIFT services are designed to facilitate its customers’ compliance with sanctions and other regulations, however SWIFT will not make unilateral decisions to disconnect institutions from its network as a result of political pressure.
SWIFT regrets the pressure, as well as the surrounding media speculation, both of which risk undermining the systemic character of the services that SWIFT provides its customers around the world. As a utility with a systemic global character, it has no authority to make sanctions decisions.
Any decision to impose sanctions on countries or individual entities rests solely with the competent government bodies and applicable legislators. Being EU-based, SWIFT complies fully with all applicable European law.
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