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An update to our message for the SWIFT Community

An update to our message for the SWIFT Community

Company Information,
20 March 2022 | 2 min read

Our deepest thoughts are with those suffering the tragic human consequences of Russia’s invasion of Ukraine. Equality, diversity, mutual respect and global cooperation are the bedrock SWIFT stands on, and the ideals we stand for as a global and politically neutral cooperative.

[UPDATED 14 JUNE 2022]

Diplomatic decisions taken by the European Union, in consultation with the United Kingdom, Canada and the United States, bring SWIFT into efforts to end this crisis by requiring us to disconnect selected banks from our financial messaging services. As previously stated, we will fully comply with applicable sanctions laws.

To this end, in compliance with the legal instructions in EU Council Regulation (EU) 2022/345 of 1 March 2022 we disconnected seven designated Russian entities (and their designated Russia-based subsidiaries) from the SWIFT network on 12 March 2022. Additionally, in compliance with EU Council Regulation (EU) 2022/398 of 9 March 2022, we disconnected three Belarusian entities (and their designated Belarus-based subsidiaries) on 20 March 2022.

Furthermore, on 3 June 2022, Council Regulation (EU) 2022/879 amending Regulation (EU) No 833/2014 and Council Regulation (EU) 2022/877 amending Regulation (EU) No 765/2006 were published and prohibit specialised financial messaging providers such as SWIFT, from providing services to designated entities. These Regulations require us to additional disconnect the identified entities which were disconnected on 14 June. SWIFT is incorporated under Belgian law and must comply with these Regulations.

The SWIFT community will be kept regularly updated across multiple channels, including in the customer section on swift.com, where the customer FAQ contains additional and complete information.

SWIFT underpins the flow of value around the world, across more than 200 countries, and demonstrates what can be achieved when people come together for common good.  We will continue to support economic stability, resiliency and prosperity across the global financial system, to support long term resolution and recovery as well as support politically neutral humanitarian organisations through our corporate social responsibility programmes.

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