Why Disconnecting Russia From SWIFT Could Deal a Blow to Its Economy

By News

Published 3 years ago on

February 28, 2022

On Saturday, Western allies moved to block certain Russian banks’ access to the SWIFT international payment system in further punishment of Moscow as it presses on with its military invasion of Ukraine.

SWIFT is a network used by banks to send secure messages about transfers of money and other transactions.

More than 11,000 financial institutions around the world use SWIFT, making it the backbone of the international financial transfer system.

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