GZS backtracks on appeal against banning Russia from SWIFT

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Ljubljana – The Chamber of Commerce and Industry (GZS) has backtracked on an appeal to the government that Slovenia should not support Russia’s exclusion from the international payment system SWIFT.

“We accept all sanctions that the EU will adopt due to the aggression on Ukraine,” GZS director general Aleš Cantarutti said in a written statement on Saturday.

On Friday, the GZS expressed the expectation that there would be no sanctions against Russia that would harm companies in Europe, a position that has earned it significant criticism.

Now, it said it would not formally propose to the government that it oppose excluding Russia from SWIFT.

Cantarutti also said GZS members who suffer business damage would be provided assistance in finding business opportunities on other markets.

The GZS made the statement before western allies including the EU agreed to exclude some Russian banks from SWIFT.