English Article

SWIFT

Exclusion from SWIFT: what it entails.

The U.S., Europe and several other western nations are moving to exclude Russia from SWIFT, an international network for banks to facilitate smooth money transactions globally. If a country is excluded from SWIFT, the most participatory financial facilitating platform, its foreign funding would take a hit, making it entirely reliant on domestic investors. In 2018, certain Iranian banks were ousted from the system despite resistance from several countries in Europe.

Saptaparno Ghosh

The story so far: The U.S., Europe and several other western nations are moving to exclude Russia from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), an international network for banks to facilitate smooth money transactions globally. This could be the strongest economic sanction against Russia over its military moves in Ukraine, as it will potentially cut off the country from receiving international payments.