SWIFT

The euro and the dollar account for nearly 80% of global payments, leaving blacklisted Russian banks with limited options.

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For the Russian banks banned from SWIFT, are there any options left?

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The Russian Central Bank moved to resume buying gold domestically among other measures to deal with foreign sanctions.

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Demonstrators hold placards while protesting Russia's military operation against Ukraine during a rally on the place of the United Nations in Geneva, Switzerland, on Saturday

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Russian banks to be cut off from SWIFT payments system, says EU chief

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a high-security intermediary system that allows banks and institutions around the world to carry out financial transactions – that is, ordinary payments – among each other.

26/02/2022

Ukrainian President Volodymyr Zelenskyy speaks to the nation

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In a defiant and emotional public address on Saturday, the Ukrainian president asked for "courage" from the international community in deciding to block Moscow's access to global financial transactions.

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EU foreign affairs ministers are considering cutting Russia's access to the SWIFT system.

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What is SWIFT and why is expelling Russia a 'last resort'?

A third package of EU sanctions could see Russia cut off from the international payment system, a radical move that would also hit the bloc.

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