EU Lawmakers Ask Member-States to Consider Blocking Russia from Interbank Messaging Platform

By Colby Adams

European lawmakers in a resolution Thursday asked the EU's executive branch to consider barring Russian banks from the world's largest interbank messaging platform in response to violence in Ukraine. A final decision on whether to require the Society for Worldwide Interbank Financial Telecommunication (Swift) to sever its links with Russian banks rests with the EU Council, which in March 2012 imposed an identical ban on EU-designated Iranian financial institutions in an effort to thwart the Islamic Republic's nuclear program. The resolution follows U.K. recommendations in August to exclude Russia from the banking consortium's messaging service, which facilitates internationals wires for...