The United States, along with some of the European countries– including France, Germany and the UK–have agreed to kick some Russian banks off of the SWIFT International payment system.
“The European Union, United States and other western nations on Saturday announced they would cut off a “certain number of Russian banks” from the SWIFT international payments system as well as impose restrictions on Russia’s Central Bank.”
“Why it matters: Some European allies had previously expressed concern that disconnecting Russian banks’ access to the primary system for global financial transactions would cause collateral economic damage, Axios reported.”
SWIFT — which is short for the Society for Worldwide Interbank Financial Telecommunication — is a secure way over 11,000 banks and financial institutions service communicate and conduct financial transactions.
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