The UK repeated calls on Friday for Russia to be banned from the Swift payment network, which is pivotal for the smooth transaction of money worldwide.
Defence Secretary Ben Wallace told the BBC: “Britain wants the Swift system to be turned off for Russia. But unfortunately the Swift system is not in our control. It is not a unilateral decision.”
Banning Russia from the system – which is used by thousands of banks – would hit the country’s banking network and access to funds.
But many governments fear it would hurt their own economies and companies because buying oil and gas from Russia, for example, would be disrupted.
Canada imports Russian Oil. Half a billion dollars worth in 2019. Quebec and the Maritimes, Liberal Party strongholds, likely benefit.
