When Russian banks were cut off from the SWIFT messaging system in 2022, the move was seen as one of the strongest financial sanctions imposed after the invasion of Ukraine.
The measure, taken by the European Union and its allies, targeted major Russian banks and aimed to disrupt the country’s ability to conduct international transactions.
SWIFT — the Society for Worldwide Interbank Financial Telecommunication — allows more than 11,000 financial institutions in over 200 countries to send secure, standardized payment instructions to one another. Without it, cross-border transactions become slower, more difficult and more expensive.
