European Parliament Proposes To Disconnect Russia From SWIFT If It 'Invades' Ukraine

The European Parliament is proposing to disconnect Russian from the SWIFT payment system, cease imports of oil and gas in case of an "invasion" of Ukraine, according to a draft resolution, which is expected to be adopted on Thursday following the plenary session

BRUSSELS (UrduPoint News / Sputnik - 28th April, 2021) The European Parliament is proposing to disconnect Russian from the SWIFT payment system, cease imports of oil and gas in case of an "invasion" of Ukraine, according to a draft resolution, which is expected to be adopted on Thursday following the plenary session.

"Underscores that if such a military build-up were in the future to be transformed into an invasion of Ukraine by the Russian Federation, the EU must make clear that the price for such a violation of international law and norms would be severe; insists, therefore, that in such circumstances imports of oil and gas from Russia to the EU be immediately stopped, while Russia should be excluded from the SWIFT payment system, and all assets in the EU of oligarchs close to the Russian authorities and their families in the EU need to be frozen and their visas cancelled," the draft resolution read.

The European Parliament's decision is a recommendation to the EU and is non-binding.

Russian Foreign Minister Sergey Lavrov has told Sputnik that Russia has a basis for creating an analogue of the SWIFT payment system.

In addition, the resolution also calls on the bloc to stop the completion of the Russia-led Nord Stream 2 gas pipeline project.

"Insists that the EU should reduce its dependence on Russian energy, and urges the EU institutions and all Member States, therefore, to stop the completion of the Nord Stream 2 pipeline and to demand a stop to the construction of controversial nuclear power plants built by Rosatom," the draft resolution read.

In the draft resolution, the European lawmakers also demanded Russia to end the practice of "unjustified military build-ups targeted at threatening its neighbors."

Moreover, the European Parliament urged the EU to launch a sanctions regime for corruption crimes and include "Russian oligarchs" in them.

"Calls for the EU and its Member States to draw on the UK legislative proposal for a Global Anti-Corruption Sanctions Regime, and other similar regimes, and to adopt an EU anti-corruption sanctions regime in order to complement the current EU Global Human Rights Sanctions Regime; underlines that EU Member States should no longer be welcoming places for Russian wealth and investments of unclear origin; calls on the Commission and the Council to increase efforts to curb the Kremlin's strategic investments within the EU for the purposes of subversion, undermining democratic processes and institutions, and spreading corruption; continues to insist that Member States such as Cyprus, Bulgaria and Malta must abandon their 'golden passport' regimes;" the draft resolution read.