#SWIFT #Russia
Canada, U.S.A. and their European allies have come to a conclusion to remove the key Russian banks from the Interbank messaging system (IMS) of SWIFT. This is a very big step that will cut off the country from much of the worldwide financial system. SWIFT stands for Society for Worldwide Interbank Financial Telecommunications and is an independent enterprise, which is based in Belgium.
In short, SWIFT is a messaging system for money transfers. Banks and financial institutions use the SWIFT payment system to securely and reliably send and receive money transfer instructions.
What is SWIFT Banking System ? | Swift Sanctions on Russia
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