What is SWIFT, the banking system seen as toughest sanction on Russia? | NewsNation Prime

The United States and European nations agreed Saturday to impose the most potentially crippling financial penalties yet on Russia over its unrelenting invasion of Ukraine.

The move includes cutting key Russian banks out of the SWIFT financial messaging system, which daily moves countless billions of dollars around more than 11,000 banks and other financial institutions around the world.

SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, is a global system that facilitates financial communications between over 11,000 institutions in more than 200 countries.

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