What is SWIFT? Why this banking service could be a big weapon against Russia
SWIFT - Society for Worldwide Interbank Financial Telecommunication - acts as the Gmail of global banking services.
As Russia invades Ukraine, the talks of banning Russia from SWIFT again become a prominent talking point, as part of the West-induced sanctions. The European Union has been reluctant about launching this Minuteman missile-like sanction against Russia. In this article, Livemint elaborates on why SWIFT is so important for international banking. And why cutting off Russia's access to Swift may prove a dampener for the West's own economic interests.