Ukrainian officials are continuing to push the United States to remove Russia from a key international payment system, even after President JoeBiden declined to do so twice since the invasion.
The Society for Worldwide Interbank Financial Telecommunication, SWIFT, is the main system that facilitates cross-border financial transactions and money transfers. SWIFT is overseen by the Bank of Belgium and is used by 11,000 institutions worldwide.Dmytro Kuleba, the minister of foreign affairs for Ukraine, said on Friday that he spoke with U.S. Secretary of State Antony Blinken and emphasized “the need to use all U.S.
— Dmytro Kuleba February 25, 2022 A day earlier, Ukrainian President Volodymyr Zelensky said, “We demand the disconnection of Russia from SWIFT, the introduction of a no-fly zone over Ukraine, and other effective steps to stop the aggressor." “The sanctions that we’ve proposed on all their banks are of equal consequence, maybe more consequence, than SWIFT, No. 1. No. 2, it is always an option, but right now, that’s not the position that the rest of Europe wishes to take,” Biden told reporters in response to a question about why Russia’s removal from SWIFT was not part of the sanctions package.The White House defended the sanctions in the face of backlash.
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