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September 21, 2014

RBC: Kostin called disconnection from SWIFT an act of aggression against Russia

Cutting Russia off SWIFT is an act of aggression against Russia, response to which must be as tough as possible, said VTB head Andrey Kostin at International Investment Forum held in Sochi.

“I would have called it an act of direct aggression against Russia's financial system with all subsequent consequences. This is a very tough measure”, - he claimed. He also noted that he does not believe that disconnection will actually happen.

Previously, on September 18. European Parliament passed a resolution to exclude Russia from the SWIFT system. Members of the Parliament also called on EU leaders to consider cutting Russia off cooperation in the field of atomic energy. SWIFT (Society for Worldwide Interbank Financial Telecommunication) unites over 10 thousand banking and financial institutions in 210 countries worldwide and processes transfer of about 1.8 bln messages annually. Russia accounts for 600 members of the Society, including Bank of Russia and largest banks of Russia. Russia’s SWIFT operates via a separate company Rosswift.

Should SWIFT be blocked, Russian banks will be unable to control their correspondent accounts abroad or make domestic transactions.

Source: http://www.rbc.ru/rbcfreenews/20140919151003.shtml#xtor=AL-[internal_traffic]—[rbc.ru]-[lenta_body]-[freenews/a>

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