Like other international economic sanctions against Russia, in response to its war in Ukraine, leading Western countries have promised to prevent many large Russian banks from using the SWIFT system. The result has been Russia's austerity in much of the international financial system.
What is Swift and why is the Russian ban so important?
Swift, or Global Interbank Financial Telecommunications Company, is a secure messaging system that enables fast cross-border payments and enables international trade.
Headquartered in Belgium, it mediates transactions between more than 11,000 banks and financial institutions worldwide. It plays an important role in supporting the world economy, but it does not have the power to make its own consent decisions.
The affected banks were not immediately named, but a German spokesman said that "they already have everything allowed by the international community, as well as other institutions if necessary. "Swift's choice is considered a serious curve, as almost all banks use the system. The measures were approved in the USA, Great Britain, Europe and Canada.
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