Some financial analysts have likened ousting Russia from SWIFT as a “nuclear option,” and would be an unprecedented move against one of the world’s largest economies.
, and said that collectively, they will be"more consequential" than one of the strongest single options he could seek.
Biden stopped short of announcing the U.S. and its allies would impose a harsh financial penalty against Russia — kicking it out of the SWIFT banking system — but said such action may still be on the table as the crisis unfolds.The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is a cooperative of financial institutions formed in 1973 and headquartered in Belgium.
But SWIFT is not a traditional bank and does not transfer funds. Rather, it acts as a secure messaging system that In 2021,
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