The USA and its allies decided to eliminate Russia from SWIFT Network:
![USA and its allies decided to eliminate Russia from SWIFT Network // SOME Information about Society for Worldwide Interbank Financial Telecommunication [SWIFT] // 2022 2nd March Current Affairs //](https://blogger.googleusercontent.com/img/a/AVvXsEhV06mius9ZQLI1F1yQGHUMmFoB5lDNX37wKUhHjdLTMzGLCSp0EdcJKqseRIRFoKEhPmWSFpQ-UDu7tny06YJC8osw05__pOxmipxGyaO8YituJ-V2reoOUeOmyhQ9bHP3ut-LBQyod2E0mNH0v8YeE7L40597EtETE-_RLj-h9eW0Quhwf1RP0tuIIQ "USA and its allies decided to eliminate Russia from SWIFT Network // SOME Information about Society for Worldwide Interbank Financial Telecommunication [SWIFT] // 2022 2nd March Current Affairs //")
Due to the Russian invasion of Ukraine, the U.S.A., Canada and the European Union decided to remove the key Russian banks from the Interbank messaging system (IMS) of the Society for Worldwide Interbank Financial Telecommunication [SWIFT]. The step is a very big one as it will cut off the Russian banking system from much of the worldwide financial system.
About SWIFT:
SWIFT is a cooperative society based in Belgium that provides financial services relate to transactions between banks worldwide. It's the main and one of the earliest mediums through which international payment is initiated. More than 150+ countries depend on SWIFT for their smooth transaction worldwide.
SPECIAL NOTES FOR ASPIRANTS:
- SWIFT HQ- La Hulpe, Belgium
- SWIFT CEO- Javier Perez-Tasso
- SWIFT Chairman: Yawar Shah
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