Moscow: The SWIFT international payments system has said it was preparing to implement Western nations’ new measures targeting certain Russian banks in coming days.
“We are engaging with European authorities to understand the details of the entities that will be subject to the new measures and we are preparing to comply upon legal instruction,” it said in a statement.
Following Russian President preparingVladimir Putin’s decision to invade neighbouring Ukraine, calls have been made for Moscow to be removed from the interbank messaging system that is essentially used to transfer money.
The Society for Worldwide Interbank Financial Telecommunications (SWIFT) is a Belgium-based messaging network that is widely used by banks across the world to send and receive money transfer orders or information. The system is overseen by central banks in the United States, Japan and Europe.
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