As Russia’s invasion of Ukraine continues, in addition to the United States, Britain, Canada, and the European Union (EU), more countries have agreed to exclude Russia from the SWIFT banking system. Experts believe the ban is expected to bring a major blow to the Russian economy and put China, as a supporter of Russia, in a dilemma.
EU countries, including Germany, Hungary, and Italy, have agreed to exclude some Russian banks from the SWIFT (Society for Worldwide Interbank Financial Telecommunication) system, as part of the sanctions against Russia for its aggression toward Ukraine, which will further isolate Russia from the international financial system.
