Explained: What does expelling Russian banks from the SWIFT system mean?
Channel: Peoples Dispatch
Date: 2022-03-01

In the most recent set of sanctions against Russia, the United States and European Union have decided to remove a number of Russian banks from SWIFT.  SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It is a secure global messaging network used by banks for making international transactions. 
What are the implications of this move?