Russia being locked out of the Swift financial payments network has become more likely after Cyprus agreed with the proposal

Russia being locked out of the Swift financial payments network has become more likely after Cyprus agreed with the proposal

There have been calls for Russia to be shut out of the system, which facilitates cross-border payments. It is thought that doing so will increase pressure on Russia’s businesses and its economy.

The move was announced on Twitter by the Ukrainian foreign minister, Dmytro Kuleba, who has also spoken to Italy, Germany and Belgium – where Swift is based.

President Volodymyr Zelenskiy said he had a call on Saturday morning from the Italian prime minister, Mario Draghi, to say the move had his backing.

While a smaller European nation, Cyprus’s backing is significant because it is a major destination for Russian investment.

Original Source :theguardian.com