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swift payment

swift payment system russia.

What is Swift?

Swift is the global financial artery that allows the smooth and rapid transfer of money across borders. It stands for Society for Worldwide Interbank Financial Telecommunication.

Who owns and controls Swift?

Swift was created by American and European banks, which did not want a single institution developing their own system and having a monopoly.

How will banning Russia from Swift affect it?

The statement from EU, the US, the UK and others said the move would "ensure that these banks are disconnected from the international financial system and harm their ability to operate globally".

Why has the West been divided over Swift?

Companies owed money by Russia would have to find alternative ways to get paid. The risk of international banking chaos is too large, say some people.

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