Preparations have begun to disconnect Russia from SWIFT: what does this mean

It seems that the ice has broken, and the countries that were previously against supported the decision to disconnect Russia from SWIFT.

What does it mean?

This was stated by the Minister of Foreign Affairs of Ukraine Dmytro Kuleba. According to him, preparations for shutdown have begun, but there is no official decision yet:

“The official decision has not yet been issued, but technical preparations have already begun for the adoption of the decision and the implementation of this sanction. We gnawed-gnawed and gnawed out. The entire vertical of Ukrainian diplomacy worked - from the President of Ukraine to the attaché at the Ukrainian embassy. Ukrainian diplomats dedicate this victory to all the defenders of Ukraine.”

SWIFT (Society for Worldwide Interbank Financial Telecommunications) is the world's largest interbank communications system, established in 1973 and based in Belgium. SWIFT does not actually carry out any transfer or storage of funds, but is a secure messaging system and facilitates fast cross-border payments. Trillions of euros are transferred through this system every year.

Disconnection from the system will prevent Russian businesses and individuals from importing and exporting goods, taking loans and investing abroad. It also means that it will block spending on the Russian army and significantly worsen the economic situation in Russia. Experts expect that the consequences of this decision will be very significant.