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> Its HQ is in Belgium, so technically, this can be a unilateral decision by Belgian PM De Croo.

How does the Belgian PM have power over it? The United Nations is headquartered in New York, but that doesn't give anyone in the US unilateral power over it.

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Presumably the PM could coerce the SWIFT staff to do some action (see the fears European countries have about the relationship between the US government and its tech companies).

This is how it worked for Iran sanctions.

The Belgian PM coerced SWIFT to sanction Iran?

I must correct myself. For Iran sanctions, SWIFT implemented EU Council decision passed on by Belgian Treasury. When I was talking about PM, I was simplifying a bit.

https://www.swift.com/insights/press-releases/swift-instruct...

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