UKARINE CONFLICT: IMPORTANCE OF SWIFT SYSTEM AND EFFECT OF RUSSIA EJECTION ON RUSSIAN ECONOMY BY OYEYINKA IFEOLUWAPO GRACE
The European Union, US, UK and allies have agreed to exclude a number of Russian banks from SWIFT, a international payment system used by thousands of financial institution. This is a statement made by the Executive President of United States Joe Biden. Could this sanction on Russian banks led to the crash Russia economy?. This article will analyze the Effect and Importance of SWIFT on Russian economy. A group of western nations (Germany, France, UK, Italy, Canada etc.) imposed another set of sanctions perceived to be stricter than those imposed earlier on the Russian’s central Bank and some other banks on the country, to exclude them from the SWIFT messaging system. The move is being seen as one which could potentially isolate Russia in international market. WHAT YOU NEED TO KNOW ABOUT SWIFT SYSTEM. SWIFT which stands from Society for Worldwide Interbank Financial Telecommunication. It’s a messaging system that ensures fast cross-border payments and has become backbo...