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What is Swift? Why Russia needs Swift, what SWIFT means – and will Swift be part of Russian sanctions?
What is Swift? Why Russia needs Swift, what SWIFT means – and will Swift be part of Russian sanctions?
As world leaders roll out further sanctions on Russia after it’s invasion of Ukraine, here’s what you need to know about the SWIFT system and if it could form part of sanctions
What is Swift? What SWIFT stands for, why Russia needs it – and will Swift be used in Russian sanctions? (Image credit: Getty Images via Canva Pro)
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As the UK, US and EU continue to brandish more sanctions on Russia as it continues to attack Ukraine by air, land and sea, one of the sanctions still being considered and urged by Ukraine and some Western leaders, including First Minister Nicola Sturgeon, is to remove Russia’s access to the SWIFT system.
SWIFT is the messaging system used by thousands of banks and financial systems worldwide to communicate and is used by Russia to trade with international partners.
