“In a resolution adopted Thursday, the European Parliament called on the EU member states to consider excluding Russia from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) financial transaction system. This spring, Russian authorities started searching for ways to decrease Russian financial markets’ dependence on SWIFT, when a number of banks were hit by Western sanctions. SWIFT binds together 10,000 financial organizations in 210 countries, providing the infrastructure for $6 billion in interbank operations every day. The vast majority of bank-to-bank transactions are conducted via SWIFT.”
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