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ASSOCIATE SPONSORS
co-presented by
ASSOCIATE SPONSORS
We need to think of alternatives to the SWIFT system
Besides sanctions, payments system bans are becoming more fashionable. However, they might be doing more harm than good
Money has no colour and those seeking to trade with Russia will continue finding workarounds
Russian crude oil grades, which account for about 10 percent of global oil supply, were hammered in physical markets since the imposition of western sanctions.
Investors had been fearing Russia's getting kicked off SWIFT, the world's main international payments network, as it would disrupt global trade and hurt Western interests as well as hitting Russia.
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.
SWIFT is a secure messaging system that facilitates rapid cross-border payments and is the principal mechanism for financing international trade.
The Prime Minister called on NATO leaders to take immediate action with SWIFT "to inflict maximum pain on President Putin and his regime," Johnson's office said on Friday after a call with the NATO leaders.
