What is SWIFT and can it be used to sanction Putin and Russia?
What is SWIFT and can it be used to sanction Putin and Russia?
- February 28, 2022
- UCI political scientist Erin Lockwood explains, courtesy of HowStuffWorks
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"The SWIFT system is a way for banks and financial institutions to communicate with each other to manage cross-border payments," says Erin Lockwood, an assistant professor of political science at the University of California, Irvine. "It's part of the infrastructure of global finance. Sometimes it gets conflated with global payments systems, but it's not the actual channel through which capital flows. It's more akin to a secure messaging service."
For the full story, please visit https://money.howstuffworks.com/swift-sanction-russia-news.htm.
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