SWIFT punishment
A coalition of NATO-aligned countries has committed to new measures meant to sever Russia from the global financial system, countries announced in. The letter, signed by the United States, UK, Canada, and European allies, lays out new measures to isolate Russia’s central bank, and announces a new trans-Atlantic task force to freeze the foreign assets of sanctioned individuals.
In a dramatic escalation, the order also blocks select Russian banks from using SWIFT — the international payment system employed by banks to send money around the world. SWIFT, which stands for The Society for Worldwide Interbank Financial Telecommunication, is a cooperative company based in Belgium, whose owners include many of Europe’s largest banks. The organization’s eponymous payments network does not actually exchange money but is used to authenticate payment instructions between banks.
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