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. – Subscribe to our channel: http://aje.io/AJSubscribe – Follow us on Twitter: https://twitter.com/AJEnglish – Find us on Facebook: https://www.facebook.com/aljazeera – Check our website: https://www.aljazeera.com/ #UkraineWar #RussiaUkraineWare #SWIFT
Whatch on Al Jazeera