Typically how is SWIFT the global payment network, which is under Belgian law, required legally to implement the EU sanctions?
2
-
As far as I see SWIFT just did the sanctions by themself. The most other sanctions are legally binding "regulations" (EU-laws) and violations of that criminal offences according to the national legislation on foreign trade. What exactly is your question about?– K-HBCommented Mar 1, 2022 at 21:36
-
Today a new regulation was published, directing the SWIFT-sanctions as binding law. eur-lex.europa.eu/legal-content/EN/TXT/HTML/… - Art. 5h– K-HBCommented Mar 2, 2022 at 14:45
Add a comment
|
1 Answer
Typically, nobody has to force it.
Somebody in the SWIFT organization, calls and holds a meeting of the board of directors, everyone on the board of directors votes as they are supposed to vote, and it happens, with implementation by the SWIFT organization's officers.
It is very unusual for a country with a say in the process to deviate from a direction to do so. Ultimately, if necessary, a lawsuit to compel action could be brought in an appropriate court, possibly a Belgian court, possibly an E.U. court, or possibly a court in the country of a recalcitrant delegate. But it is rare that this is necessary.
answered Mar 1, 2022 at 21:11
