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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Why Gold Is Falling While Central Banks Keep Buying | World Gold Council’s Joe Cavatoni
Kitco News: 11-13-2026
Gold fell as much as $135 an ounce on Nov. 12 to a new low for the year, even as central banks keep buying.
The World Gold Council estimates central banks bought 321 tons last quarter, but only 120 tons was reported, leaving 63% undisclosed.
Joe Cavatoni, the council's senior market strategist for the Americas, said the most active buyers "are either not reporting or reporting late," and that central banks tend to step in when prices dip. He said gold "overshot" in January and that the pullback is closer to what the council expected.
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Transcribed By WiserNow Emailed To Recaps (INTEL ONLY)
Welcome, everybody, to the big call tonight. One hour earlier than normal. I hope everybody got the memo. If not, you're listening to the recording, and it really doesn't matter, does it? So, welcome everybody tonight. We're doing the call an hour early tonight because of President Trump's speech at 9o'clock Eastern tonight, and I wanted to complete the call in one hour so that everybody would have an opportunity to see his speech tonight.
Good Afternoon Dinar Recaps,
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The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
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KTFA:
Clare: A report analyzes the dollar crisis: 14 reasons driving the rise of the parallel market rate and widening the price gap in Iraq.
11/12/2026
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Reset Intelligence: What Are They Getting Us Ready For?
By Reset Intelligence | @EXIT_FIAT
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Good Morning Dinar Recaps,
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TNT:
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Al-Jurani told Al-Mada that enacting the law has become a national necessity, especially to regulate the oil relationship between the federal government and the Kurdistan Region, and to define the powers of managing oil fields, production and export mechanisms, contracts and revenues, in accordance with the constitution and to preserve the rights of all producing governorates.
KTFA
Thursday Night Video
FRANK26…11-12-26….14th….I DON’T CARE
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#
A Report Analyzes The Dollar Crisis: 14 Reasons Driving The Rise Of The Parallel Market Rate And Widening The Price Gap In Iraq
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Good Afternoon Dinar Recaps,
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THIS Is How the Dollar Breaks (Why Gold Is Next)
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NESARA & GESARA
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Kitco News) - After a busy third quarter, central banks continue to take advantage of lower gold prices to increase their official reserves. China continues to play a dominant role in the marketplace, increasing its reserves for two straight years.
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WTFinance: 11-11-2026
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Friday Night Video
FRANK26…..11-13-26…..THE GAP / THE APP
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#