Russia Banned Using SWIFT System

The United States, the European Union, the United Kingdom and Canada issued a joint statement announcing a ban on Russia's use of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) international settlement system.

If a country is excluded from the SWIFT system, it can be compared to a natural person being deleted from social media. SWIFT is therefore considered a "financial nuclear bomb" in sanctions. Expelling Russia from the SWIFT system would be one of the toughest financial measures and would deal a major blow to the country's foreign trade and international settlements.