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Why Swift was the West’s first ‘nuclear option’ when Putin invaded Ukraine

A year on, cutting Russian banks off from a vital payments network has not proved to have the impact first feared

Swift became a bold, albeit unexpected, answer to the Kremlin's brutal march into neighbouring Ukraine
Swift became a bold, albeit unexpected, answer to the Kremlin's brutal march into neighbouring Ukraine Photo: Jason Alden/Getty Images

When Russia invaded Ukraine a year ago, “friends and family suddenly discovered what Swift is”.

The global payments network relied on for some $5tn in daily transactions by its 11,000 member banks which own Swift, was little known.

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War Brings Out the Best in the DollarExternal link

War Brings Out the Best in the Dollar