SWIFT May Suffer Losses If Russia Disconnected - Russian Deputy Foreign Minister

ST. PETERSBURG (Pakistan Point News / Sputnik - 03rd June, 2021) The disconnection of Russia from SWIFT, which some Western politicians threaten, may cause material and image losses for SWIFT itself, Russian Deputy Foreign Minister Alexander Pankin told Sputnik.

"There are a lot of users in Russia, the SWIFT channel is used a lot for internal Russian payments, for external ones, they are tied to payments on debts, on commodity flows, etc. That is, there should be a reason for such a draconian measure to be introduced. This reason should outweigh those material losses, inconveniences, image losses for SWIFT, and SWIFT is a cooperative," Pankin said on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

He noted that the SWIFT system was not monopoly, there are analogues in different countries.