Eric Reguly
The Globe and Mail, Feb. 27, 2022
“While there is no doubt the SWIFT weapon will inflict a lot of pain, it is unlikely on its own to deliver a death blow to the banks.”
The West’s sanctions campaign against Russia reached a new and unprecedented level over the weekend, when the United States, Canada, Britain and the European Union agreed to overcome their internal divisions and cut some Russian banks out of SWIFT – the heart of the global payments network.
They made the announcement as Russian forces surrounded Kyiv and heavy fighting was reported in Kharkiv, Ukraine’s second-biggest city.
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