What Is SWIFT, And Why Does It Matter In The Russia-Ukraine War?
What Is SWIFT, And Why Does It Matter In The Russia-Ukraine War?
Author Sigrid Forberg March 9 2022
Russia has been partly cut off from the SWIFT system for transferring money.
In the wake of Russia’s invasion of Ukraine, global leaders have been imposing sanctions on the country’s banks, its president, Vladimir Putin, and some of its wealthy oligarchs.
“Russia is heavily reliant on SWIFT due to its multibillion exports of hydrocarbons denominated in U.S. dollars,” she wrote. “The cutoff would terminate all international transactions, trigger currency volatility and cause massive capital outflows.”
The leaders of the European Commission, France, Germany, Italy, the U.K.,, Canada and the U.S. announced in a joint statement on Feb. 26 that they were condemning “Putin’s war of choice” and banning select Russian banks from the SWIFT messaging system. The ban notably excludes Russia’s oil and gas exports. A SWIFT ban has been called the “nuclear option” in the international community’s confrontation with Putin.
But what is SWIFT? For those who are only just hearing of this for the first time, here’s what you should know about this global financial network, as well as what impact the ban may have on Russia and the world.
What is SWIFT?
SWIFT, or the Society of Worldwide Interbank Financial Telecommunication, is a high-security messaging network for banks and financial institutions. Based in Belgium, it’s sometimes described as the Gmail of global banking.
It was created in 1973, replacing the previous telex system for cross-border payments. The idea was to create a "common language" for banks from all around the world to move money and carry out other transactions.
It has since grown to serve more than 11,000 financial institutions in 200 countries and territories. In 2021, it averaged 42 million messages per day.
Why Is That Important?
While the network doesn’t hold any assets or actually move money, access to SWIFT means funds can be exchanged between member institutions easily and securely. Other payment systems do exist, but SWIFT dominates the market.
In addition to payment instruction messages, it also transfers messages between institutions relating to everything from the trade of precious metals to traveler’s checks. Its latest report shows categories other than straightforward payments now account for well over half of its transactions.
What Does This Mean For Russia?
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Reset Intelligence: Will the Dinar Strengthen or Collapse?
8-25-2026
Will the Dinar Strengthen or Collapse?
By Reset Intelligence | @EXIT_FIAT
Over one weekend, Iraq moved the currency question out of the committee rooms and onto the evening news.
Iraq Finance Committee Recommends Postponing Dinar Redenomination Vote
Daban Mohammed At a Glance
The Iraqi Finance Committee officially advises delaying the vote on removing zeros from the dinar.
Replacing banknotes without deleting zeros remains under the independent authority of the Central Bank.
Redenomination requires brand-new laws to amend civil, commercial, and penal codes across Iraq.
Good Morning Dinar Recaps,
When the Treasury Is No Longer Just a Safe Haven: The Bond Market Reprices U.S. Debt Risk
The U.S. Treasury market remains the world’s most important safe-haven market—but rising long-term yields, record federal debt and growing reliance on Treasury intervention are forcing investors to reconsider how they price U.S. fiscal risk.
TNT:
Tishwash: The parliamentary legal committee submits 40 draft laws to the parliament's presidency.
The parliamentary legal committee confirmed on Monday that it had submitted about 40 draft laws to the Speaker of Parliament, while clarifying the constitutional and procedural differences between draft laws and proposals.
Committee member Thaer Al-Kaabi told the official agency, as reported by 964 Network , that “the committee has completed submitting approximately 40 draft laws to the Council Presidency to proceed with their legislation,” indicating that a number of them have been read, most notably the Lawyers Law and the Notaries Public Law, as well as the reading of the Minors Care Law, which are qualitative and important legislations targeting a wide segment of the Iraqi people.”
KTFA
Monday Night Video
FRANK26….8-24-26…..NEW RATE AND LD’S ARE THE SAME
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Frank’s team is Walkingstick, Eddie and Omar in Iraq and guests
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Basra Oil Service Firms Threaten To Halt Work Over Currency Losses
2026-08-24 Shafaq News- Basra Private companies working in Basra's oil sector threatened on Monday to suspend operations and lay off more workers, protesting that payments on their dollar-denominated contracts are being settled in Iraqi dinars at the official exchange rate.
The Whole World Is Stockpiling Like It's 1939
Notes From the Field ByJames Hickman (Simon Black / Sovereign Man August 24, 2026
On June 7, 1939, US President Franklin Roosevelt signed a new law authorizing $100 million (a lot of money back then) to buy rubber, tin, tungsten, etc., and put it all in storage.
The United States was still at peace at the time. World War II had not yet broken out, and global trade was still relatively seamless.
Sunday Update - Washington Supports the Dinar Plan ?
The Dinar Den: 8-23-2026
The discussion surrounding international currency markets and potential revaluations often brings significant interest from long-term observers. Among these topics, the economic restructuring of Iraq and the potential revaluation (RV) of the Iraqi Dinar stand out.
In a recent analysis shared by Stephen, host of The Dinar Den and an experienced observer of Iraqi financial trends since 2011, key updates were highlighted regarding where Iraq stands in its journey toward comprehensive monetary reform.
Rob Cunningham: Federal Reserve Bypass Operation in Effect
FEDERAL RESERVE BYPASS OPERATION IN EFFECT
Something profound just happened to the architecture of money.
The GENIUS Act is now law.
It creates a legal framework for 1:1 reserve-backed payment stablecoins and expressly directs regulators to promote interoperability with the broader digital-finance ecosystem—including public and permissioned blockchains.
Think about what this means.
Oil Drops Ahead Of Tougher US Iran Sanctions
2026-08-24 Shafaq News Oil prices slipped more than $1 a barrel on Monday as investors took profits ahead of an expected announcement from Washington about imposing more sanctions on Iran that may further disrupt supplies from the Middle East.
Brent crude futures fell $1.23, or 1.3%, to $93.16 by 0329 GMT, while U.S. West Texas Intermediate crude was at $85.7 a barrel, down $1.36, or 1.6%.
Good Afternoon Dinar Recaps,
The Iran Sanctions Test: Oil, the Dollar and the Global Financial System Enter Another Phase
Washington is escalating financial pressure on Iran just as the rial reaches another record low, putting oil flows, dollar-based sanctions and alternative international trade channels under renewed pressure.
Coffee with MarkZ, joined by Bob Lock. 08/24/2026
MarkZ Disclaimer: Please consider everything on this call as my opinion. Be sure to consult a professional for any financial decisions
MZ: Meetings today, expectations this week, Hormuz, oil prices, and more with Bob Lock joining to talk trusts, and the Mushroom Ladies.
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY
TNT:
Tishwash: Al-Halbousi affirms Parliament's readiness to support financial inclusion
Speaker of Parliament Hebat al-Halbousi and First Deputy Speaker Adnan Faihan al-Dulaimi discussed, in two separate meetings, with the Governor of the Central Bank, Nizar Nasser Hussein, ways to enhance financial and monetary stability and develop the performance of the banking sector in the country.
A statement issued by the media office of the Speaker of Parliament indicated that Speaker Halbousi received the Governor of the Central Bank and his accompanying delegation to discuss monetary policy and prospects for developing the financial system.
Majeed KSA: RV Summary as of 23rd August 2026
RV summary:
– The name of the last two nominees left to fill up the cabinet, were sent to the Prime Minister’s office last night.
– US treasury squeezed Iran by the balls… the economy is so bad in Iran, Iran started crawling for any way to get money through any neighboring country especially Iraq and keep kissing Iraq’s a*s in order to get something… but the Prime Minister keep giving them the middle finger.
Iraqi Hopes For Removing Zeros From The Dinar To Combat Corruption
Baghdad Ahmed Eid The proposal to remove zeros from the Iraqi dinar has brought back to the forefront a wide debate about the reality of the project, the possibility of its implementation, and the results that it can achieve, especially with its connection to returning hoarded funds to the banking system and revealing some of the funds resulting from corruption, in addition to questions about its impact on inflation, the value of the dinar, and purchasing power.
Good Morning Dinar Recaps,
When High U.S. Yields Stop Supporting the Dollar: Debt, Treasury Policy and a New Currency Warning
The traditional relationship between higher U.S. interest rates and a stronger dollar is being tested as investors increasingly focus on the size of U.S. debt, Treasury intervention and the long-term credibility of the fiscal position.
Al-Abadi On The Anniversary Of The Founding Of Iraq: Sovereignty, Institutions, And Justice Are The Criteria Of A True State
Baghdad - One News - 8/23/2026 On the anniversary of the founding of the modern Iraqi state, Haider al-Abadi, head of the Victory Coalition, affirmed that building a state is not completed by the date of its declaration or by the passage of time since its establishment, but rather by its ability to protect its sovereignty, preserve its institutions, and achieve justice for its citizens.
MilitiaMan & Crew: IQD News: What You Need to Know Right Now
8-23-2026
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
No drama. No intrigue. No songs and dances. Just straight, factual news that I read and interpret to the best of my ability after being an avid Dinar investor and insanely obsessed Dinarian for over 15 years.
Follow MM on X == https://x.com/Slashn
KTFA
Sunday Night Video
FRANK26….8-23-26…. THE GREEN
This video is in Frank’s and his team’s opinion only
Frank’s team is Walkingstick, Eddie and Omar in Iraq and guests
Playback Number: 605-313-5163 PIN: 156996#
Majeed KSA: The Plan is the RV for August 31st
8-25-2026
This is just my guess.
RV might happen on August 31.
It would be the 107th day for the new Prime Minister in office.