Russia is hinting at a new Cold War over SWIFT. So what’s SWIFT?
In the last few days, the Russians have been making bellicose threats about what might happen if they are excluded from SWIFT. On Friday, the CEO of Russia’s second largest bank said,
If there is no Swift, there is no banking . . . relationship, it means that the countries are on the verge of war, or they are definitely in a cold war. … The next day, the Russian and American ambassadors would have to leave the capitals.
