>>15726181

What is SWIFT? How could banning Russia from the banking system impact the country?

Marina Pitofsky USA TODAY 2/24/2022

President Joe Biden on Thursday announced a new round of sanctions against Russia after its invasion of Ukraine hours earlier.

Biden said penalties against the country will include a “squeeze” on Russian access to technology and financial markets, sanctions against a list of “Russian elites,” limits on some exports and more.

But one move the president didn’t announce on Thursday was kicking Russia out of the SWIFT financial system, telling reporters that the penalties he announced are of “maybe more consequence than SWIFT.”

Why would Russia be kicked out of the SWIFT banking system? Here’s what you need to know:

'''What is the SWIFT financial system?

SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. It is a global messaging system connecting thousands of financial institutions around the world.'''

https://www.usatoday.com/story/money/2022/02/24/swift-russia-banking-system-sanctions/6930931001/

>>15726297

(continued…)

SWIFT was formed in 1973, and it is headquartered in Belgium. It is overseen by the National Bank of Belgium, in addition to the U.S. Federal Reserve System, the European Central Bank and others, NBC News reported. It connects more than 11,000 financial institutions in more than 200 countries and territories worldwide so banks can be informed about transactions.

Alexandra Vacroux, executive director of the Davis Center for Russian and Eurasian Studies at Harvard University, told NPR, "It doesn't move the money, but it moves the information about the money."

SWIFT said it recorded 42 million messages a day on average in 2021. That includes currency exchanges, trades and more, Bloomberg reported.

https://www.usatoday.com/story/money/2022/02/24/swift-russia-banking-system-sanctions/6930931001/

>>15726318

Aww shit

>>15726318

SWIFT is a computer language. Is that related to the banking SWIFT?

>>15726297

>>15726349

>>15726333

>>15726318

>>15726358

Swift (programming language)

SWIFT is used in mobile apps also.

Swift is a general-purpose, multi-paradigm, compiled programming language developed by Apple Inc. and the open-source community. First released in 2014, Swift was developed as a replacement for Apple's earlier programming language Objective-C, as Objective-C had been largely unchanged since the early 1980s and lacked modern language features. Swift works with Apple's Cocoa and Cocoa Touch frameworks, and a key aspect of Swift's design was the ability to interoperate with the huge body of existing Objective-C code developed for Apple products over the previous decades. It is built with the open source LLVM compiler framework and has been included in Xcode since version 6, released in 2014. On Apple platforms,[11] it uses the Objective-C runtime library, which allows C, Objective-C, C++ and Swift code to run within one program.[12]

https://en.wikipedia.org/wiki/Swift_(programming_language)

>>15726417

Nice digits. I'm a little tired, but I'll be back at it tomorrow. zzzzzzzzzzzzzzz