to stand down and agree. Only Germany remains wary, as its leaders say they remain open to the possibility but must"calculate the cost" to its own citizens, Reuters reported.
to stand down and agree. Only Germany remains wary, as its leaders say they remain open to the possibility but must"calculate the cost" to its own citizens, Reuters reported. European Parliament President David Sassoli speaks prior to a signing ceremony of EU Legislative Priorities for 2022 on the sidelines of an EU Summit in Brussels, on Dec. 16, 2021. Sassoli has died at a hospital in Italy, his spokesman said in a tweet Tuesday, Jan. 11, 2022.
The Society for Worldwide Interbank Financial Telecommunication is the main global network that allows financial institutions to send and receive information on international bank transfers. SWIFT is incorporated and headquartered in Belgium with 26 offices across the world, providing messaging services to banks in more than 200 countries. It is overseen by the central banks of the G-10, comprised of Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, the United Kingdom, the United States, Switzerland and Sweden.Cutting access to SWIFT requires approval from the U.S.
The impacts of such an action can be crippling, and the tool has been used before as an international response. SWIFT booted EU-sanctioned Iranian banks from its network in 2012 and again in 2018.
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