SWIFT Sanction on Russia
What is SWIFT Founded in Brussels on May 03, 1973, it stands for “Society for Worldwide Interbank Financial Telecommunication” legally called as S.W.I.F.T. SCRL, and serves as the intermediary and executor of financial transactions between banks worldwide. Overseen by the central banks of Belgium, Canada, France, Germany, Italy, Japan, Netherland, UK, USA, Switzerland and Sweden as well as the European central Bank. It doesn’t facilitate fund transfer, rather sends payment orders through secure messaging system spread over around 11,000 financial institutions in over 200 countries, which must be settled by correspondent accounts that the institutions have with each other. To exchange banking transactions, each financial institution must have a banking relationship by either being legally organised as a bank or through its affiliation with at least one bank. As stated, it only transport financial messages in a secured manner only & is not involved in any type of clear...