What is SWIFT and how removing Russia can impact the Russian Economy and what can be Putin's counter ?
SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. It is a global messaging system connecting thousands of financial institutions around the world. SWIFT was formed in 1973 and it is headquartered in Belgium. It connects more than 11,000 financial institutions in more than 200 countries and territories worldwide so banks can be informed about transactions. Barring Russia from SWIFT would not only damage the country’s economy but in the long term, cut Russia off from a swath of international financial transactions. That includes international profits from oil and gas production, which make up more than 40% of Russia’s revenue. While Russian banks could use alternative messaging systems such as phones, messaging apps or email to make payments via banks in countries that have not imposed sanctions, they are likely to be less efficient and secure, transaction volumes could fall and cost debt-to-GDP present, Russia has a massive am...