EU Parliament threatens Russian oil sector
The EP, responding to Russian military buildups on the Ukraine border, passed a resolution that "demands that Russia immediately end the practice of unjustified military build-ups targeted at threatening its neighbors."
The EU stated that other countries should supply more arms to Ukraine, and threatened that if Russia invaded Ukraine the EU "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."
Russia responded by saying it was ready to be shut off from Swift.
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a transaction network that connect thousands of banks in over 200 countries. Russia's central bank has its own transaction network, SPFS (System for Transfer of Financial Messages) but outside of Russia only 8 banks use it.