The European Union, along with the United States and other Western partners, has announced further sanctions on Russia for its invasion of Ukraine, including cutting off a number of Russian banks from the SWIFT interbank payments system.
SWIFT is the world's main international payments network. Here is more about what it does and why it matters:
WHAT IS SWIFT?
SWIFT, or the "Society for Worldwide Interbank Financial Telecommunication", is a secure messaging system that facilitates rapid cross-border payments, making international trade flow smoothly.