‘Don’t kick Russia out of SWIFT’

European Central Bank policymaker Ewald Nowotny has warned against kicking Russian banks out of the SWIFT payments transfer system as part of tighter sanctions on Moscow, the Austria Press Agency quoted him as saying on Thursday.

Such a move “we … Read the rest

China’s yuan joins top five curriencies

China’s yuan has become one of the five most widely used currencies in global payments, an international financial transactions agency announced Wednesday.

The yuan passed the Canadian and Australian dollars in popularity in December, according to the Society for Worldwide … Read the rest

Russia’s two largest banks plan SWIFT alternative

The two biggest banks in Russia, Sberbank and VTB, are in talks to create an alternative to the SWIFT global system for interbank financial communications, VTB head Andrey Kostin said.

According to Kostin, Russia has two options: either use the … Read the rest

EU parliament votes to suspend US from SWIFT to avoid spying

euparliamentThe European Parliament voted Wednesday for US access to the global financial database held by a Belgian company to be suspended because of concerns that the US is snooping on the database for financial gain rather than just to combat … Read the rest