SWIFT sanctions

 

Taiwan to block Russian banks from SWIFT

From CNN's Wayne Chang and Eric Cheung

Taiwan's Premier Su Tseng-chang speaks during a session on the crisis between Russia and Ukraine, at the parliament in Taipei, Taiwan, on March 1. (Sam Yeh/AFP/Getty Images)

Taiwan will join moves to block some Russian banks from the SWIFT international payments system “in lockstep” with Western countries, Premier Su Tseng-chang told reporters Tuesday.

“Taiwan has condemned Russia for its invasion in conjunction with our global democratic partners … we will cooperate on decisions made against the [Russian] banks simultaneously,” Su said, ahead of a parliamentary session.  

In addition, Taiwan will “scrutinize” products exported to Russia in accordance with the Wassenaar Arrangement — which regulates export controls for weapons and dual-use goods and technologies, economic affairs minister Wang Mei-hua told lawmakers.

Such exports won't be permitted ��unless there are legitimate reasons," he said.

Wang acknowledged that Taiwan’s trade with Russia is minimal, but said major Taiwanese chipmakers have all pledged to comply with government policies and relevant regulations. “We will announce specific measures in due course,” she said.  

Taiwan accounts for more than half of the world's output of semiconductor chips.

Separately, Taiwan sent 27 tons of medical supplies to Ukraine on Monday.