Do you think this will be enough to stop Russia? 🤔 engineering
The move to block Russian banks from using SWIFT was announced by U.S. and European nations in a joint statement that indicated the new sanctions were meant to “hold Russia to account and collectively ensure that this war is a strategic failure for Putin.”
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It refers to the financial-messaging infrastructure that connects the globe's banks. It provides a secure way for banks to transmit transfer requests to each other. When money is transferred between accounts it often passes through multiple banks before landing at its intended destination.
SWIFT provides the directions that allow banks to know where the money should finally land, ensuring it does not end up in the wrong place. The system works across more than 200 countries and territories and 11,000 financial institutions. Clearly, SWIFT is important to banks worldwide but is it the blow to Russia that Western states hope it will be?
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