WASHINGTON/BRUSSELS – While the United States and European Union chose not to block Russia’s access to the SWIFT international interbank payments network as part of the sanctions they imposed against Moscow in response to its invasion of Ukraine, President Joe Biden suggested that they could reconsider the matter.

Biden explained to reporters why the step was not taken. The sanctions placed on Russian banks had a greater impact than cutting Russia off SWIFT. Other countries have failed to accept the further step.

Biden declared, “It is always possible.” But, right now that is not the position the rest of Europe wants to adopt.”

Reuters had been told by sources from the EU that it was not likely the EU would agree to the move despite numerous calls.

Olaf Scholz, German Chancellor, stated that Germany is a major trading partner with Russia and opposed cutting Russia off from the payment system. However, he also indicated that such an action could be taken at a later stage.

Scholz stated that “it is important that we agree upon those measures that are prepared” and that everything else should be kept for the event where necessary.

On Thursday, the foreign ministers from the Baltic countries, which were once controlled by Moscow, but are now EU and NATO members, demanded that Russia be prevented from accessing SWIFT.

Because it would hurt Russian banks, but make it difficult for European creditors, the EU is reluctant to do so. Russia has already been creating an alternative payment method.

An EU diplomat stated, “Urgency is the highest priority at the time,” and added that it did not mean to make any move on SWIFT because of its wide-ranging implications, even in Europe.

An EU diplomat added: “I don’t know of any agreement (on SWIFT Sanctions) at this time.”

According to data from the Bank of International Settlements, European banks hold nearly $30 billion of Russia’s exposure.

The central banks of the United States, Japan, and Europe oversee SWIFT in Belgium, which is a widely-used messaging network used by banks to transfer money or send information.