LONDON (Reuters) - 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.

Tambaringabas:

Russia is prepared for this. They have developed their own system that has been in use domestically.

What's really stopping the west is the fear that other states like China, Iran and others may take up Russia's system, thereby bringing about progress of the eastern block.

The west is terrified asf.

helinues:
Almost all the stocks market are down except energy, oil

Would Saudi Arabia, Nigeria pray for this madness to stop when as at yesterday oil price was $105

One man's food is another man's poison

joyandfaith:
Germany and some top economies opposed that. If Russia is banned from SWIFT, Putin will tremble. I think putin is taking advantage of divided NATO.

complexBoss12:
If you think Putin is going to loose in this affair you have to think again. Putin is no fool and has taken into consideration all possibilities. Why do you think even American is staying away? Putin will rather see an end to this world that loose like Hitler, even America know this.

I will never justify the death of Ukrainians, but people should leave CCN propaganda alone and see the facts, which clearly shows that American and the West, is the aggressor here.

The number of persons CIA has made to disappeared in this world, is more than the people killed in WW2. CIA plans wars, coups, insurrections, assassinations, etc. But you don't get to read that in the news. America is the biggest Terrorist the world currently has, with Brittain as her lapdog.

beejaay:


and how does high oil benefit the masses in nigeria..yes more money for the thieves to steal under the pretest of subsidy and money for govt to steal but common man will increase in sufferings, govt that couldnt even do anything when price low will be worst when the price go higher..since 2015 with every hogh price in oil come hardship for the people..if it continues dollar will soar to 800naira and abov, petrol to over 200 even with subsidy and we will be in more trouble...people be talking without undersanding the dynamics of it all..this war will hurt africa much more in the end cos we have no buffer, it is in our best interest that there is no escalation, any little more escalation and import will be cut drastically by this people as more resources will be diverted for the war and we will suffer cos we solely depend on importation

complexBoss12:
If you think Putin is going to loose in this affair you have to think again. Putin is no fool and has taken into consideration all possibilities. Why do you think even American is staying away? Putin will rather see an end to this world that loose like Hitler, even America know this.

I will never justify the death of Ukrainians, but people should leave CCN propaganda alone and see the facts, which clearly shows that American and the West, is the aggressor here.

The number of persons CIA has made to disappeared in this world, is more than the people killed in WW2. CIA plans wars, coups, insurrections, assassinations, etc. But you don't get to read that in the news. America is the biggest Terrorist the world currently has, with Brittain as her lapdog.

helinues:
Almost all the stocks market are down except energy, oil

Would Saudi Arabia, Nigeria pray for this madness to stop when as at yesterday oil price was $105

One man's food is another man's poison

Rollsnjaguar:


You were same person arguing that the Russian Ukrainian war will never happen.
Now you don't want the war to end because is beneficial to Nigeria

helinues:


Well, I can't really argue much about that for now until we see what the government is doing with the advantage.

beejaay:


which govt??nigeria govt with people like you as supporters and people like saraki or wike as opposition abi its only a fool that will continue doing the same thing and expecting different result...more sufferenss for the people loading

complexBoss12:
If you think Putin is going to loose in this affair you have to think again. Putin is no fool and has taken into consideration all possibilities. Why do you think even American is staying away? Putin will rather see an end to this world that loose like Hitler, even America know this.

I will never justify the death of Ukrainians, but people should leave CCN propaganda alone and see the facts, which clearly shows that American and the West, is the aggressor here.

The number of persons CIA has made to disappeared in this world, is more than the people killed in WW2. CIA plans wars, coups, insurrections, assassinations, etc. But you don't get to read that in the news. America is the biggest Terrorist the world currently has, with Brittain as her lapdog.

helinues:


Did you also miss the date Usa and NATO allies predicted the invasion?

Rollsnjaguar:


I followed everything, ONLY you disagreed that it will NEVER happen

helinues:


Someone with reasonable comments should come forward

beejaay:

na me even dey waste my time dey comment on deluded person like you...person wey hypocrisy don eatout his brain and the only thing you know na tinubu, buhari,pdp,apc....na my fault so abeg no vex forgive me

EkelediliBuhari:
Nigeria should take advantage to boost its foreign reserves as this boom oil boom will only last for a very short time

am certain Middle East is raking in as much as they can like they always have…