On 18 September 2014, the European Parliament recommended in a non-legislative resolution that EU leaders consider new sanctions against Russia over conflicts in Ukraine. Recommendations consisted of excluding Russia from civil nuclear cooperation and the electronic interbank payment system, SWIFT.

An implementation of SWIFT sanctions would have a significant impact as a majority of financial institutions across the world use the system. SWIFT stated in response to the resolution that this “singling out…interferes disproportionately with SWIFT’s fundamental right to conduct business and its right to property. It also constitutes discriminatory and unequal treatment.”

ITAR-TASS News Article

European Parliament Press Release

SWIFT Statement