European Parliament Seeks SWIFT Shut-Off For Russia “If Ukraine Aggression Continues”

Tyler Durden's Photo

WEDNESDAY, APR 28, 2021 – 12:21 PM

Days after President Putin warned the West of a “harsh” and “asymmetrical” response if it crosses Russia’s ‘red line’ concerning NATO troop positioning and the recently renewed Ukraine standoff, the European Parliament in Brussels has proposed a new resolution to disconnect Russia from the SWIFT payment system.

Dated Wednesday, April 28, it’s entitled, “European Parliament resolution on Russia, the case of Alexei Navalny, the military build-up on Ukraine’s border and Russian attacks in the Czech Republic.” The over 50 European Parliament lawmakers cited “aggression and continued destabilization of Ukraine, hostile behavior towards and outright attacks on EU member states and societies.”

AFP via Getty Images

Here’s what the key section of the new punitive resolution says on SWIFT:

…Underscores that if such a military build-up were in the future to be transformed into an invasion of Ukraine by the Russian Federation, the EU must make clear that the price for such a violation of international law and norms would be severe; insists, therefore, that in such circumstances imports of oil and gas from Russia to the EU be immediately stopped, while Russia should be excluded from the SWIFT payment system, and all assets in the EU of oligarchs close to the Russian authorities and their families in the EU need to be frozen and their visas cancelled; 

It’s certainly not the first time that Western allies have threatened such. The threat to cut off Russia from the global system for financial messaging and cross-border payments which acts as the protector of the dollar reserve system has lingered for the past half-decade, since the initial Crimea crisis and the start of war in eastern Ukraine.

Russian officials have recently called Ukraine’s lobbying to get Russia banned from SWIFT “a declaration of war”

Meanwhile Russia only two weeks ago made threats of its own, saying it’s gradually being “forced” to seek alternate payment mechanism and move away from the dollar…

“Naturally, all this casts doubt on not only the expediency of using the American currency as a priority payment currency, but also the reliability of using payment mechanisms controlled by the West,” Foreign Ministry spokeswoman Maria Zakharova said on April 15 in response to new US sanctions.

Further according to TASS:

She pointed out that Russia’s gradual reduction of the dollar share in national and cross-border settlements is a “forced decision” made “in the conditions of losing confidence in the West in matters of ensuring uninterrupted access to the international financial system” as well as declining predictability of US economic policy and uncontrolled introduction of unreasonable restrictive measures.

In recent years Russia has pursued talks with other countries – notably China, India, Iran and Turkey – over establishing major alternatives to the Belgium-based SWIFT system.

It began pursuing alternatives in earnest particularly after it was hit with Western-led sanctions after 2014, and is more recently said to be experimenting with blockchain-based solutions.

zerohedge logo


The Liberty Beacon Project is now expanding at a near exponential rate, and for this we are grateful and excited! But we must also be practical. For 7 years we have not asked for any donations, and have built this project with our own funds as we grew. We are now experiencing ever increasing growing pains due to the large number of websites and projects we represent. So we have just installed donation buttons on our websites and ask that you consider this when you visit them. Nothing is too small. We thank you for all your support and your considerations … (TLB)


Comment Policy: As a privately owned web site, we reserve the right to remove comments that contain spam, advertising, vulgarity, threats of violence, racism, or personal/abusive attacks on other users. This also applies to trolling, the use of more than one alias, or just intentional mischief. Enforcement of this policy is at the discretion of this websites administrators. Repeat offenders may be blocked or permanently banned without prior warning.


Disclaimer: TLB websites contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of “fair use” in an effort to advance a better understanding of political, health, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than “fair use” you must request permission from the copyright owner.


Disclaimer: The information and opinions shared are for informational purposes only including, but not limited to, text, graphics, images and other material are not intended as medical advice or instruction. Nothing mentioned is intended to be a substitute for professional medical advice, diagnosis or treatment.

Be the first to comment

Leave a Reply

Your email address will not be published.