UK wants to cut Russia off from SWIFT - defence minister

British Secretary of State for Defence Ben Wallace

Britain would like to cut off Russia from the SWIFT global interbank payments system and will continue to lobby reluctant allies to take that step, Defence Secretary Ben Wallace said on Friday.

"We would like to go further, we'd like to do the SWIFT system - that is the financial system that allows the Russians to move money around the world to receive payments for its gas - but ... these are international organisations and if not every country wants them to be thrown out of the SWIFT system, it becomes difficult," Wallace told BBC TV.

U.S. President Joe Biden said on Thursday that United States and the European Union have opted not to cut Russia off from SWIFT, but he said they could revisit that issue.

On Thursday, major western countries including the United States and Britain announced sanctions on Russia, stretching from its banks to elites, in response to Russia invading Ukraine after months of diplomatic dialogue failed to bear fruit.

Wallace said Britain would continue to lobby its allies to win support for a move on SWIFT.

"We will work all the magic, do everything we can in diplomacy," he said.

Reporting by William James; writing by Muvija M; editing by Michael Holden

REUTERS