Cyprus has neither objected nor expressed concern on the issue of sanctions against Russia and especially on the issue of Swift, as some foreign publications claim.
On the issue of sanctions against Russia, following the invasion of Ukraine, the Republic of Cyprus appeared fully aligned with European policy.
[/P]According to government sources, what is written is not true as the Swift issue was not discussed in the European Council, nor in the preceding Foreign Affairs Council meetings. Despite the fact that there are indeed voices in Europe that do not favour it, Cyprus did not take a position on the issue.
It seems that some countries wish to keep "weapons" in their quiver for the next stages, pending developments.
"Cyprus will not stand in the way of any decision to adopt measures, considering as non-negotiable the universal respect of international law", a government source said.
What is SWIFT
The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is the financial messaging infrastructure that connects the world's banks.
[BR][BR]The Belgium-based system is operated by its member banks and handles millions of daily payment instructions in over 200 countries and 11,000 financial institutions. Iran and North Korea are excluded from the system.
Why SWIFT is important to countries
Cross-border finance is critical to every part of the economy, including trade, foreign investment, remittances and central bank management of the economy. The disconnection of one country, in this case Russia, from SWIFT will hurt all these areas.
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