What is SWIFT and why were some Russian banks excluded from it?

Russia’s invasion of Ukraine has triggered sanctions against the country as well as calls to sever it from the main global payments system.
On Saturday, the United States and its allies moved to block certain Russian banks’ access to the SWIFT international payment system in further punishment of Moscow as it continues its military assault.

Al Jazeera takes a look at the payment system and its relevance to the crisis in Ukraine.


#UkraineWar #RussiaUkraineWar #SWIFT

[lightsoda]

The world would never embargo China's exports. The rest of the world relies on China's exports just as much as Russia would in this case.

[Liboch]

We are talking about swift and why some Russian banks are excluded from it, and this professor ia talking mainly about China... He is a real joker...

[hamydunn]

The lady was asking a specific economic question regarding SWIFT. This guy managed to avoid the question and ventured into a geopolitical field he knows nothing about.

[josephlibana]

I hope those who don't understand politics will start to understand, i hope people will realise that Palestine is occupied, Yemen is been bombed day and night, Iraq was invaded by United states and Britain, more than a million people died, Libya was was bombed by NATO, Gaddafi was killed, the list goes on, most of this people making noise here were quite

[taniakeen]

You talk like USA will revert to manufacturing over night, the factory will appear like a virtual reality

[reremouse]

High time for the rest of the world to think twice about the reliability of the SWIFT system.

[renetoudic]

Why do you not mention that there are several other Bank transfer systems other than SWIFT that have been set up to overcome US sanctions and if Swift sanctions are imposed it is inevitable as a consequence that this will see the the fall of the US dollar as the reserve currency.

[arkarorth]

Professor of economics in Boston University and saying that Russian is not a big player in global economy, having said that Russia supplies the 1/3 of EU's energy... is he delusional? Also, how is this 1939? In which sense? Putin has a problem with Ukraine joining NATO, I get that. He is not trying to re estate Russian empire. Maybe the professor should have stayed in what he knows best.

[ParkAvenueGentleman]

Come on giving us the Yiddish take on Eastern European Politics and answer the specific, technical questions you were asked about Swift. 💥💥

[BerlinBedouin]

The Professor talks about Germany reactivating the nuclear reactors... ehmm... yeah, that's not going to happen. post-Fukushima Germany decided to end the run of their nuclear reactors and as far as I'm aware that's written in law. Reintroducing nuclear energy will be a massive hurdle, especially since the Greens are in the governmental coalition.

[Vanderearden]

Putin was referring to the Azov battalion as being nazi's, because they are.

The Azov battalion is also funded, armed and trained by the U.S. government and has been incorporated into the Ukrainian military.

The Azov battalion are the principles that are committing genocide of Ukrainians of Russian descent. See the "May Day BBQ" as an example. That will lead to dozens of stories of ethno-genocide by the Azov battalion and the Ukrainian government.

If this guy doesn't know this, then he really shouldn't be discussing the topic and anything he says should be viewed with suspicion.

But I'm sure he does know this, but wants to get paid, so he preaches the company line.

[ghostrider]

This dude compared Putin to Hitler and 1939 lol 🤣

[imranpradhani]

If really this happen Russia remove from Swift system then within few month Russian economy will suffer from huge crisis even European country will face problem especially in Gas n Petrol sector..More then that Russia will suffer.

[icecp]

Cutting out China is good? What is this guy smoking? Inflation is already sky high. Cutting them off also cuts out products made with Chinese products which is 99% of products.

[brierestjean]

The world 🌎 needs to have options, we can't depend on one system only, so the west can black mail countries

[Raul_Menendez]

Ukraine: I really need help here...
NATO: The best I can do is more sanctions with a couple of military aid.
Ukraine: I'm literally dying...
NATO: My thoughts and prayers for you.
UN: WHOA WHOA! Whats going on here!
China: Nothing happen here, now move along.
UN: Yes, master.

[derpy]

Can't wait for Taylor Swift to make another lawsuit on this one

[Julian-eziq]

a western tool that of course Russia, China and anyone one cannot possibly copy, recreate or bypass???? 😂😂😂😂😂

[gamerprotagonist]

According to the Russian National Swift Association, about 300 leading banks and organizations in the country are users of SWIFT, more than half of the Russian credit organizations are represented in SWIFT, and Russia is ranked second by number of users of the platform, after the United States.

[MrVitamincpp]

the punishment might be even harsher on the punisher