Taiwan to comply with SWIFT operation, sends medical assistance to Ukraine

A woman takes pictures of the Taipei 101 skyscraper illuminated in the Ukrainian flag colors following the Russian invasion of Ukraine, in Taipei, Taiwan on February 28, 2022. REUTERS / Annabelle Chih

March 1, 2022

TAIPEI (Reuters) – Taiwan will take action to block some Russian banks from the SWIFT international payment system and has sent humanitarian aid to Ukraine to show support for the international “democratic camp,” the government said on Tuesday.

Taiwan has joined Western-led Allies in imposing sanctions on Russia over its invasion of Ukraine and has expressed cross-party sympathy with the Ukrainian people, which sees parallels to what Taipei sees as Beijing’s threats against the island.

Prime Minister Su Tseng-chang told reporters that Taiwan was in line with its democratic partners around the world in its sanctions, adding that in SWIFT the government would “work in partnership” with what Western nations have decided.

The trip is mostly symbolic as Taiwan’s trade with Russia is minimal. Taiwan’s Financial Supervisory Authority said on Monday that all transfers to Russia use SWIFT but go through an interbank.

Taiwan is a large semiconductor manufacturer and the government has already said that tile companies will be exporting to Russia.

The Ministry of Economy says it is following the Wassenaar Arrangement on Export Control of Arms and Dual-Goods and Technology, signed in 1996 by 42 countries, to strictly investigate goods shipped to Russia.

In a speech to parliament, Economy Minister Wang Mei-hua said that under the supervision of the ministry, if there was “no good reason” for chip exports to Russia, he would not be allowed.

In particular, the government said it had sent 27 tonnes of medical supplies to Ukraine.

“The Republic of China, Taiwan, as a member of the democratic camp of the international community, is ready to respond in the spirit of ‘Taiwan can help’ and based on humanitarian considerations, our country will provide Ukraine with an urgent need for medical care in a timely manner,” said Taiwan’s Foreign Ministry.

Taiwan’s official name is the Republic of China, whose troops fled to the island in 1949 after losing civil war to the Communists.

China, which claims Taiwan as its own sovereign territory, has not yet announced any humanitarian aid to Ukraine.

The head of the United Nations agency said on Monday that more than 500,000 people had fled Ukraine to neighboring countries since the Russian invasion began last week. EU officials have said the war could send 7 million people into exile.

(Report by Ben Blanchard; Editing by Kim Coghill and Lincoln Feast)

Taiwan to comply with SWIFT operation, sends medical assistance to Ukraine

Source link Taiwan to comply with SWIFT operation, sends medical assistance to Ukraine

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