The US and other western countries are mulling throwing Russia out of the global financial transactions system, SWIFT. Founded in 1973 to end reliance on the telex system, SWIFT is an important facilitator of international banking.
In 2014 too, when Russia annexed Crimea, the proposal of isolating Russia from the SWIFT network was floated. The then Russian finance minister had estimated that the country would suffer a potential GDP contraction of 5 percent if the US and its European allies exercise the option to cut off Russia from the SWIFT network. In 2020, Russia accounted for 1.5 percent of total transactions on SWIFT.
We pray for the people of Ukraine as they defend against Putin’s attempt to rebuild the old Soviet Union. Biden must stand up to Putin and immediately levy severe sanctions against Russia — starting with removal from the SWIFT banking system.The USA stands with Ukraine. 🇺🇸 🇺🇦— Sen. Marsha Blackburn (@MarshaBlackburn) February 24, 2022