Home Breaking News Britain will ‘work all day’ to get the Swift international payment system ‘turned off for Russia’ in a key sanction

Britain will ‘work all day’ to get the Swift international payment system ‘turned off for Russia’ in a key sanction

by LLB Finance Reporter
25th Feb 22 3:10 pm

The British Defence Secretary Ben Wallace has announced on Friday that the UK will “work all day” to switch off the Swift international payment system “turned off for Russia.”

The Swift payment system allows financial transactions to be made globally within seconds would cause severe problems for Russians.

Wallace suggested Boris Johnson would push for other world leaders to back the move which would be the most severe sanction possible.

A spokesman for the British Prime Minister said, “You’ll be aware that the PM raised this in his call with G7 leaders yesterday, I expect he will raise it at the NATO leaders meeting again today.”

On Thursday the US President Joe Biden said it was “always an option but right now that’s not the position that the rest of Europe wishes to take.”

Speaking on BBC Radio 4’s Today programme, Wallace said, “Britain wants the Swift system to be turned off for Russia.

“But unfortunately the Swift system is not in our control – it’s not a unilateral decision.”

Wallace said the Swift payment system is used “to move money around,” he added, “When you pay Russia for its gas, it probably goes through the Swift system, for example. It is based in Belgium.

“It has a number of partners that control it, or nation states.”

He added, “We want it switched off. Other countries do not.

“We only have so many options. We are going to work all day to try and get it (switched off for Russia).”

Wallace was asked if Swift was a key sanction, he said, “it is and we’re trying”, and he added: “We have to keep working to get that.”

“We will work all the magic, do everything we can in diplomacy, the Prime Minister is going to address the NATO leaders summit today,” he told BBC Breakfast.

He said: “Like so many things, these are international organisations, and if not every country wants them to be thrown out of the Swift system, it becomes difficult.

“We’re going to work on that today and tomorrow.”

Irish government Minister Thomas Byrne told RTE radio, “Our priority as an Irish Government was to have unity around the table. That was very, very important.

“Having said that, we pushed and will continue to push for the broadest possible sanctions. So, yes, the Irish Government has no difficulty whatsoever with the Swift system being sanctioned and that’s something that we would support.”

Labour leader Sir Keir Starmer told BBC Breakfast, “That is a now decision and the Labour Party would support it in full. We think it should happen now.”

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