Not so fast: The case for a new SWIFT

In the new Netflix hit series The Diplomat, a fictional UK prime minister accurately ticks through the ways Russian President Vladimir Putin has been punished for his invasion of Ukraine: “We sanctioned Russian debt, embargoed their oil, and banned them from SWIFT.” In the fifteen months since Russia’s full-scale invasion of Ukraine, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) has gone from a Belgian cooperative assisting banks in messaging each other to a centerpiece of the West’s economic arsenal. The problem is few people—even those leveraging its power to hurt Russia—understand what SWIFT is. Fewer still see what it could be in the future.

 
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Πηγή: atlanticcouncil.org