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Explained: What is SWIFT, which US allies say they'll use to punish Russia for Ukraine invasion?

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.

February 27, 2022 / 11:10 AM IST
SWIFT payment systems (Representative image)

SWIFT payment systems (Representative image)

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.