EU still mulling cutting Russia from SWIFT after fresh Zelensky appeal

KYIV: Ukrainian President Volodymyr Zelensky on Saturday again asked European nations to sever Russia from the SWIFT banking system as Hungary and Italy suggested they were not blocking the move.

SWIFT’s messaging system allows banks to communicate rapidly and securely about transactions, and cutting Russia off would cripple its trade with most of the world.

“There is already almost full support from the EU countries to disconnect Russia from SWIFT. I hope that Germany and Hungary will have the courage to support this decision,” Zelensky said in a video address posted online.

The Hungarian government angrily denied suggestions it had blocked moves to exclude Russia from SWIFT.

Foreign Minister Peter Szijjarto said on Facebook that such claims were “fake news”.

“We have never spoken out against a single sanction proposal, we have not blocked and are not blocking anything,” he said.

Government spokesman Zoltan Kovacs further tweeted that “Hungary stands 100 percent in alignment with the joint EU effort.