SWIFT is the English acronym for the Society for Worldwide Interbank Financial Telecommunication that gives the name to the International Transaction Identification Code. Founded in 1973 to replace fax.
It is the basis of the global financial system because it is used by 11,000 banks in 200 countries or regions to make transfers. Since there is no other alternative accepted worldwide, it is a key to global finance.
This is what Ukraine has asked for, this is what the UK has asked for, and the US may be willing to do it, but the EU is against it. With this, Russia will practically not be able to buy or sell anything abroad, and will be limited in its trade.
Biden bans exports to Russia, calls Putin an ‘international pariah’
Biden himself admitted this afternoon that removing Russia from the Swift interbank network was still an “option” but “currently not (a) a position” shared by Europeans and emphasized that other financial sanctions announced would be “as much or more”. Effect “of this action requested by Ukraine.
Joe Biden reiterated that the United States is not acting alone. “We will limit Russia’s ability to do business in dollars, euros, sterling and yen,” he said, stressing that Vladimir Putin would become “a pariah on the international stage.”
Academician Tec de Monterrey explains that although these are important blows to the Russian economy, they have already been able to find alternatives to finance them, especially China.
Biden confirmed this afternoon, without giving details, that the personal punishment of Vladimir Putin “is also on the table.”
With information from Agence France-Presse