EU does not intend to allow Russia to join SWIFT

The European Union (EU) does not intend to make changes to the sanctions regime against Russia in the near future, nor to allow the country's banks to join the SWIFT system, Euroactiv said, citing European diplomats, Report informs.

As SWIFT is based in Belgium, it has to abide by EU regulations and sanctions legislation. Therefore, “at some point, we [Europeans] will have to be looped in”, one EU diplomat told Euractiv.

“SWIFT cannot connect Russian banks to the network unless the EU changes its sanctions legislation,” said Janis Kluge, senior associate at the German Institute for International and Security Affairs.

SWIFT did not respond to Euractiv’s request for comment.

The EU's economic measures against Russia, which have to be renewed every six months by unanimity of all 27 member states, are up for renewal by 31 July.

Rolling back Russia sanctions before a complete ceasefire deal and Moscow’s troop withdrawal from Ukraine remains a no-go, EU diplomats say.

“Everyone is still analysing what this means or could mean. But so far, it’s a statement we have had no involvement in,” a second EU diplomat told Euractiv.

“Before the sanctions roll-over [in July], nothing changes, and we’ll work on nothing to be changed because Russia itself hasn’t changed nor have its goals,” the diplomat said.