US Discusses Expelling Russia From SWIFT With EU - US Treasury Official

The United States is engaged in discussing Russian exclusion from SWIFT with its European partners, US Assistant Secretary for International Finance said.

WASHINGTON (Sputnik) — The US Treasury Department is still evaluating and discussing the impacts of expelling Russia from the SWIFT interbank payment system, US Assistant Secretary for International Finance Ramin Toloui said at a US Senate Foreign Relations Committee hearing on Tuesday.

“The framework that we evaluate all potential actions is basically the impact they would have on the Russian economy against the spillover, blowback… both to the United States and our partners in Europe,” Toloui said when asked whether the United States supports the expulsion of Russia from the SWIFT financial system.

Toloui would not comment on specific “potential actions” the United States may take, but stated that the United States is engaged in discussing such issues as Russian exclusion from SWIFT with its European partners.

“We have discussed a whole range of options for further sanctions,” he said.

The Treasury Department and the administration of US President Barack Obama are evaluating the possible exclusion of Russia from SWIFT through the prism of mitigating the negative impacts on the US and European economies, Toloui added.

In September 2014, the European Parliament urged EU member states to consider disconnecting Russia from the Worldwide Interbank Financial Telecommunication system (SWIFT) in response to Moscow's alleged role in the Ukrainian internal conflict.

SWIFT provides the infrastructure for $6 billion in interbank operations daily. Russia's Central Bank has responded that the country could introduce alternative means of interbank communications.