What is SWIFT and how is it being used against Russia?
CNN
The West has pledged to remove some Russian banks from SWIFT, a messaging service that connects financial institutions around the world, as part of a barrage of sanctions designed to limit Moscow's ability to pay for its war in Ukraine.
The United States, the European Union, the United Kingdom and Canada said in a joint statement on Saturday that they would disconnect "selected" Russian banks from SWIFT in order to punish Russia for invading its neighbor.
"This will ensure that these banks are disconnected from the international financial system and harm their ability to operate globally," said the Western powers.
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