Thursday 3 March 2022
Russia’s invasion of Ukraine is horrifying. Western leaders, fearing a broader war, are responding primarily with economic sanctions. A prominent economic sanction has been Russia’s exclusion from the international payments messaging system SWIFT, presented as a powerful means of undermining its economy. But for a payments expert such as myself, this is something of a myth. Yes, SWIFT messaging systems are a critical part of international economic activity. They provide extremely secure communications, developed over five decades, dovetailing with the many and varied operations of commercial banks in international transactions. SWIFT systems would also be a prime target in any…
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