MOSCOW (Pakistan Point News / Sputnik - 25th February, 2022) The European Union should use the SWIFT network for financial transactions against Russia, but its has to be done with global approval, Latvian Prime Minister Arturs Krisjanis Karins said on Thursday.
EU foreign policy chief Josep Borrell has already promised that the European Union will adopt "the harshest package of sanctions" against Russia in response to its special military operation in Ukraine.
"SWIFT, I think, is in the right direction. I think we should go in this direction, but I think what is key is that it would work only if this is a worldwide agreement," Karins said, while arriving for the Special European Council on the situation in Ukraine.
In 2017, Russia launched the System for Transfer of Financial Messages as a replacement for SWIFT. Since then, it has been working to bring other countries on board in abandoning SWIFT.
