Russia and SWIFT
PEJOURNAL - A spokesman for the Russian Foreign Ministry recently announced that Russia is preparing to be removed from SWIFT. His remarks came in response to a European Parliament resolution calling for Russia to cut ties with SWIFT if it continues to invade Ukraine. The question now is how feasible is this Russian move? What are its implications for SWIFT and international trade? What are the roots of this decision and how far can the countries involved in SWIFT go with the option of sanctioning and leaving SWIFT? SWIFT stands for the Society for Worldwide Interbank Financial Telecommunications, which has…
