Should Russian Banks Be Scared of SWIFT Disconnection? | WHAT REALLY HAPPENED

Should Russian Banks Be Scared of SWIFT Disconnection?

Ukraine has joined the chorus of voices calling for Russia to be disconnected from SWIFT — the financial messaging network that underpins the global banking system.

In a meeting with EU foreign ministers, Ukraine’s top diplomat Dmytro Kuleba said he had called for a tough new package of sanctions, including the expulsion of Russian banks from the Society for Worldwide Interbank Financial Telecommunications (SWIFT) network, which currently links more than 11,000 banks operating in at least 200 countries and territories around the world.

The proposal — long popular among those who favor slapping hard-hitting sanctions on Russia — has picked up new supporters since last year’s poisoning of Alexei Navalny. Talk of a possible embargo reached fever pitch in Moscow in the days leading up to U.S. President Joe Biden’s announcement of a new round of sanctions against Russia mid-April, with top Russian officials and banking figures talking up the dangers of being disconnected.

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