ICYMI: In Russian sanctions, the West can’t bring itself to touch SWIFT
The SWIFT payments system has cropped up as a prospective target for sanctions on Russia as it moves further into Ukraine.
The Belgium-based global messaging system for banks, SWIFT is critical infrastructure for any economy hoping to interact with the rest of the world. The US, EU and UK administer the most significant sanctions programs in the world and will also be the key parties to decide on a SWIFT cutoff.from a call between leaders of the G7 indicated that Boris Johnson, prime minister of the UK, was in favor of the move. Within the EU, the proposal remains questionable. While Germany has already agreed to abort the controversial Nord Stream 2 gas pipeline, policymakers are hesitant to boot Russia from SWIFT.
At the same time, Russian markets are in free fall, reporting their worst day on record. The ruble has slipped, and is trading at around 87 to the dollar. The Moscow Stock Exchange
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