Ongoing Protest around the world to cut Russia off SWIFT: The ongoing war between Ukraine and Russia has become intended each passing day. Nevertheless, the world seems to be on the side of the Ukrainians as they are seen as the weaker nation. A weaker nation that is facing the harsh punishment of the war. Moreso, Russia is a very strong military country that has major forces.
The world’s bid to try to discourage Russia, The United States of America in collaboration with the United Kingdom and other countries has issued sanctions on Russia.
Clearly, the strong nation, Russia seems not to be backing down on its decision to utterly exert its desire on Ukraine.
There has been protesting around the world for Russia to be cut off from SWIFT. However, saying, cutting Russia off the SWIFT platform means a lot to the country. It will be like cutting it totally off from the rest of the world.
SWIFT has become a hotly debated topic in the conversation about Russian sanctions. Cutting Russian banks’ access would further isolate the country from the global financial community. And, nonetheless, put more economic pressure on the Kremlin.
Moreso, Everyone following the war in Ukraine seems to be talking about SWIFT — but many Americans are hearing about it for the first time this week.
Ongoing Protest around the world to cut Russia off SWIFT:
WHAT IS SWIFT?
SWIFT, or the Society for Worldwide Interbank Financial Telecommunications, is a secure messaging service that more than 11k banks around the world use to communicate.
“Essentially, the Gmail of global banking,” as Bloomberg explained yesterday.
In addition, Cutting Russian banks’ access would isolate the country from the global financial community. And put more economic pressure on the Kremlin. The U.S. and its European counterparts have so far held back from cutting off SWIFT, but it’s not off the table.
Ongoing Protest around the world to cut Russia off SWIFT
Moreso, European countries use SWIFT to pay Russian companies for oil and gas. Regular folks overseas are also familiar with the system. Nonetheless, using it to conduct cross-country money transfers — to pay bills, say or send someone money.
Finally, Blocking SWIFT in Russia could actually hurt some European countries, particularly Germany and Italy. Without SWIFT it would be harder for these countries to buy much-needed Russian oil and gas.
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