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.
This is potentially a bigger deal than even Germany signing on – Cyprus is one of Russia's biggest foreign investors (it's Russians with Cypriot offshore companies investing back in Russia) and the second biggest bank in Cyprus is Russian https://t.co/nKOZfE1dg6— max seddon (@maxseddon) February 26, 2022
Ukraine FM heroically working the phones on SWIFT. In past 18 hours spoken to FM in Germany Italy, Belgium ( SWIFT HQ) is based in Belgium and now Cyprus. Different economies more dependent than others on Russian gas. https://t.co/pv0jw22m7J— Patrick Wintour (@patrickwintour) February 26, 2022
Original Source :theguardian.com