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The European Union is unlikely to cut Russia off from the global banking system SWIFT, and member states are divided over the decision.
Russia launched a full-scale invasion of Ukraine on Thursday local time. World leaders and diplomats have widely condemned the attack and vowed to retaliate.
Russian Prime Minister Dmitry Medvedev said in 2019, that any action against SWIFT “will actually be a declaration of war”.
The SWIFT network, which allows banks to send and receive remittances, is located in Belgium and controlled by the central banks of the United States, Japan and Europe, which means that any decision to disconnect Russia from SWIFT requires the consent of all parties.
This is an evolving story. Stay tuned.