Russia-Ukraine war: Italy & Cyprus back Ukraine's demand to remove Russia from SWIFT

As the war intensifies in Kyiv, Ukraine has been getting support from some countries on its call to remove Russia from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) banking system. On Saturday, Italy and Cyprus extended their support to Ukraine's call and urged the world to cut off Russia from SWIFT-- a network that enables smooth cross-border financial transactions. Ukraine's President Volodymyr Zelenskyy stated that he held a telephonic conversation with Italy's Prime Minister Mario Draghi during which the latter supported Kyiv's call to remove Moscow from SWIFT.

"This is the beginning of a new page in the history of Ukraine and Italy. #MarioDraghi in a phone conversation supported Russia's disconnection from SWIFT, the provision of defence assistance. Ukraine must become part of the #EU [SIC]," Zelenskyy wrote in a Twitter post. Meanwhile, the Foreign Ministry of Cyprus stated that the country did not oppose any European Union (EU) sanctions against Russia including removing it from SWIFT. "In the name of EU unity and solidarity to #Ukrainian people #Cyprus has NOT objected to ANY EU sanctions including cutting Russia off Swift. Everything is on the table [sic]," Finance Minister Constantinos Petrides tweeted. 

UK bats for Russia's removal from SWIFT

Meanwhile, the United Kingdom is also mulling cutting Russia off from the SWIFT system. Ben Wallace, the UK Defence Secretary, claimed that the UK is working with its partners to exclude Russia from the SWIFT banking system and that they will use diplomacy to achieve this goal. According to Wallace, Britain wants Russia to be removed from the SWIFT banking system but they don't have authority over it and it's not a choice they make alone, BBC reported. 

About the SWIFT banking system 

It is worth mentioning here that SWIFT is used by different financial institutions to send and receive information, such as instructions for cross-border money transfers. Russia's capacity to do business with other countries would be harmed if it is removed from SWIFT. Metal, oil, gas, and other commodity shipments may be halted for an extended length of time as the system allows Russians to send and receive money throughout the world in exchange for gas. 

Image: Dr Faiz Sucuoğlu/@Facebook/AP