The SWIFT banking transaction system rejected “individual calls and pressure” to block institutions and countries from its network, saying only governments can make sanctions decisions.

“SWIFT and its stakeholders have received calls to disconnect institutions and entire countries from its network—most recently Israel and Russia,” the Belgium-based Society for Worldwide Interbank Financial Telecommunication said today in a statement on its website. “SWIFT will not make unilateral decisions to disconnect institutions from its network as a result of political pressure,” according to the statement.

The U.K. floated the idea of blocking Russian access to SWIFT, the messaging system for most international money transfers, ahead of a summit of European Union (EU) leaders in August. The move wasn't considered at the time, according to two European officials.

“Any decision to impose sanctions on countries or individual entities rests solely with the competent government bodies and applicable legislators,” SWIFT said. “SWIFT will not respond to individual calls and pressure to disconnect financial institutions from its network.”

The EU included a SWIFT prohibition as part of sanctions imposed on Iran in March 2012, banning financial messaging providers from providing services to Iranian banks. SWIFT must comply with EU decisions because the organization is incorporated under European law.

“SWIFT regrets the pressure, as well as the surrounding media speculation, both of which risk undermining the systemic character of the services that SWIFT provides its customers around the world,” according to the statement on its website. “It has no authority to make sanctions decisions.”

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