“In light of the expansion of sanctions against Russia over the Ukrainian crisis, the UK has proposed that Russia be blocked from accessing the SWIFT international banking system. In the opinion of analysts, this step is unlikely to be taken. However, in the worst-case scenario, Russia and China will begin development of an alternative system.
The United Kingdom is to insist that the European Union block Russia’s access to the SWIFT banking system as part of a new round of sanctions. According to the Bloomberg news agency, this was officially announced by the British government. SWIFT currently links more than 10,000 banking and finance organizations in 210 countries around the world, and there are more than 600 participants, including the Bank of Russia, in the Russian community.”
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