06:07 GMT +3 hours30 June 2016
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Russian Prime Minister Dmitry Medvedev meeting with miniters

Moscow Promises 'Unlimited' Response if SWIFT Limits Operations in Russia

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Russian Prime Minister Medvedev said Tuesday that Russian reaction would be 'unlimited' if the SWIFT payment system's operations were limited in the country.

BRYANSK, January 27 (Sputnik) – Russia’s reaction will be “unlimited” if the SWIFT payment system is used as an instrument against the country, Russian Prime Minister Dmitry Medvedev said Tuesday.

“Yet again discussions have started in limiting the so-called SWIFT payment system. We’ll wait and see what happens. Of course, if these decisions are made, I would like to note that our economic reaction as with any other reaction will be unlimited,” Medvedev said during a meeting.

In September 2014, the European Parliament urged EU member states to consider excluding Russia from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, which provides the infrastructure for $6 billion of interbank operations daily.

In response, the Russia's Central Bank said the country might introduce alternative channels of interbank communications to replace SWIFT.

In December, the bank announced the launch of a service that allowed credit institutions in Russia to make transactions in the SWIFT format without any restrictions.

Related:
Members of Customs Union Plan to Create SWIFT Equivalent
Economic Development Minister: Russia’s Exclusion From SWIFT Unlikely
European Parliament Calls For Excluding Russia From SWIFT System
Russian Finance Ministry Considers Regulating System for SWIFT, Bloomberg, Reuters
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SWIFT payment system, Dmitry Medvedev, Russia
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