A SWIFT ban could make Russia go nuts again.
Russia’s invasion of Ukraine triggered a cascade of consequences that were rapidly felt throughout the world.
Apart from property and human life, global finance – and cryptocurrency in particular – took a significant hit.
On Saturday, the US and its Western allies blocked certain Russian banks’ access to the SWIFT international payment system, ratcheting up the pressure on Moscow as it continues its military attack on Ukraine.
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The measure is intended at seizing the Russian economy’s central bank reserves and cutting off some Russian banks from a critical global financial network.
The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is a 48-year-old Belgian organization that serves as a clearinghouse for international money transfers between banks.
More than 2,000 financial institutions in more than 200 countries, including Russia, rely on the secure messaging system. Daily, SWIFT transfers tens of…