Ukraine: Russia banks cut from Swift banking system - what impact will it have? | ITV News

After much deliberation, Russia is finally being cut off from the Swift banking system in a move that could have a huge impact on the country's economy.

The US, the EU and the UK announced on Saturday "selected" banks will be hit with the sanctions.

So, why are governments booting Russia out of Swift? What is Swift and how could it sanctions against Moscow hurt Russia's businesses?