The Impact of a SWIFT Ban on Russia and the World

A demonstrator holds a placard reading "SWIFT OFF," referring to the SWIFT interbank payment system, in Berlin, Germany, on Feb. 25, 2022. John Macdougall/AFP via Getty Images

Commentary

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is the global financial system that allows immediate and secure transfers of money across borders. It’s the web that verifies all financial transactions, linking 11,000 banks and institutions in more than 200 countries, with 40 million messages per day.