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US didn't cut off Russia from SWIFT to prevent unwanted consequences

SWIFT is a global cooperative of financial institutions that began in 1973

SWIFT
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Cutting access to SWIFT would curb Russia’s ability to conduct global financial transactions

Alan Rappeport | NYT
President Biden said on Thursday that the United States and Europe were united in their efforts to confront Russian aggression toward Ukraine with aggressive sanctions. However, there was one area where he suggested disagreement: SWIFT.

The Belgian messaging service, formally known as the Society for Worldwide Interbank Financial Telecommunications, connects more than 11,000 financial institutions around the world. It is viewed as a potential nuclear option in the world of sanctions because, if Russia was kicked off SWIFT, the nation would essentially be severed from much of the global financial system.

But doing so would not be simple and could come with

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First Published: Feb 25 2022 | 11:49 PM IST

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