The European Parliament on Thursday passed a resolution calling for new sanctions against Russia and its expulsion from the SWIFT financial network.

Iran PressEurope: The resolution was adopted by the European Parliament with 569 votes in favor and 67 against.

The resolution states that if Russia's move to strengthen its military presence on the border with Ukraine threatening an attack on the country, the European Union must make it clear that such a move would come at a high cost.

European lawmakers have said that in the event of such an incident, gas and fuel imports from Russia to the European Union should be stopped immediately and Russia must be expelled from the Swift system.

The European Parliament also called on EU institutions and member states to suspend the completion of the Nord Stream 2 pipeline project and nuclear power plants under construction by Rosatom.

Following in the footsteps of US policy since 2014, the Europeans have imposed a series of economic and financial sanctions against Russia, accusing Russia of meddling in the conflicts of eastern Ukraine and aiding the opposition.

Swift is a financial messaging system that connects banks and other financial institutions around the world to exchange information about financial transactions between them in a secure manner.

The United States and its allies have threatened for years to cut off Russia's access to the Swift system.

Russia, along with China and India, members of the world's emerging economies known as the BRICS, have decided to create an alternative messaging system in order to circumvent Swift's banking messaging system.

The Russian system is called "SPFS" and is to be connected to China's messenger system, called "CIPS". India does not have such a system yet.

Russian media have reported that the formation of such a network between the three countries will connect three billion people.

Russia and the BRICS countries are trying to launch a financial alternative to Swift due to the insecure behavior of the West.

Russia launched the SPFS in 2014 after Washington threatened to expel it from Swift. The first financial transaction in this financial system took place in December 2017. 219