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25/02/2022

Concerning the introduction of restrictive measures against Russia by the competent international institutions, we point out that the decision to exclude this country from the SWIFT system has neither been made yet nor has the economic sanctions’ scope and structure been fully defined.

We remind that the SWIFT system is a leading communication platform used by banks and other institutions for fast and secure execution of international payments. The SWIFT network, used today by 11,000 banks, financial institutions and corporations in more than 200 countries, is controlled by the G-10 Group’s central banks and the European Central Bank.

Concerning banks in Montenegro, having in mind their network of correspondent banks and the amounts of funds in accounts with banks in Russia, this country’s possible exclusion from SWIFT would not significantly impact the Montenegrin banking system’s stability.