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Taiwan joins SWIFT ban on Russian banks

Premier says Taiwan moved by Ukraine's 'indomitable and courageous actions in the face of the aggression of its evil neighbor'

(Twitter, Tsai Ing-wen photo)

(Twitter, Tsai Ing-wen photo)

TAIPEI (Taiwan News) — Taiwan will join the ban of Russian banks from the SWIFT international payment system as part of international sanctions on Russia for its invasion of Ukraine.

On Saturday (Feb. 26), the U.S. and its allies banned certain Russian banks from the SWIFT system. In response, Premier Su Tseng-chang (蘇貞昌) told the media Sunday (Feb. 27) that Taiwan would join other "democratic and free countries" in implementing the block.

During a session of the Legislative Yuan on Tuesday (March 1), Su said Taiwan will cooperate with any decisions made by other countries on SWIFT transactions by Russian banks. Su stated that if small and medium-sized Taiwanese enterprises are affected by the SWIFT restrictions, the government will provide "necessary assistance."

Su said that the whole world has seen Ukraine's "indomitable and courageous actions in the face of the aggression of its evil neighbor and how the whole country is united to resist the enemy." Su said Taiwan condemns Russia's aggression and will synchronize with its democratic partners across the world in imposing sanctions.

Founded in 1973, the Belgium-headquartered Society for Worldwide Interbank Financial Communications (SWIFT) provides banks with a way to communicate rapidly, securely, and inexpensively. The SWIFT communication system links about 11,000 financial institutions in 200 countries and territories.