By: Destiny Mouawad, Staff Reporter, The Pawprint
After Russian President Vladimir Putin’s invasion of Ukraine, several countries from the United States, Europe, the United Kingdom and other allies such as Japan, Canada, Australia and South Korea have initiated sanctions which will hinder Russia’s financial operations and freeze assets belonging to Putin and his foreign minister, Sergei Lavrov. Notably removing Russia’s leaders “…from the Swift global payments system…”.
Russia depends on Swift for it is responsible for the smooth and “rapid” transactions of money across their borders. Swift has been noted to exchange trillions of dollars a day, whereby Russia is responsible for nearly 1% of the transactions.
Russia relies on Swift for the purchase of “…valuable energy and agricultural products…” and with the disconnection of Swift, this will lead to delays in Russia’s operations and lead to decline’s in their revenues.