Swift (Society for Worldwide Interbank Financial Telecommunication) is a Belgium-based limited liability cooperative. It creates common processes and standards for participating banks worldwide to process payments securely and quickly. As a result of the Russian attack on Ukraine, the Council of the European Union excluded, by regulation, some Russian banks from the SWIFT banking system. Therefore, payments to and from Russia will be significantly restricted. There are no international alternatives, but in recent years Russia has developed its own payment systems, e.g., SPFS and Mir. (ABl 2022 L 063)
Exclusion of Russia from the SWIFT banking system
