The 'Nuclear Option': What Is SWIFT And What Happens If Russia Is Cut Off From It?
rferl.org/a/russia-swift-nuclear-option/31601868.html
...Say a German company is buying Russian natural gas, so it needs to pay for it. It can transfer money from its German bank account to the Russian firm's Russian bank by entering the recipient's account number and the SWIFT code.
The German firm then sends a message from its German account, via SWIFT, to the Russian bank saying a money transfer is incoming. Then, when the funds electronically arrive, they will be available for the Russian company to withdraw....Without being an accepted member of SWIFT Russia doesn't get paid in Dollars or Euros and can't use his (considerable) reserves in foreign currencies to buy stuff at the world markets...
It's back to Rubles only without international trading....like some third world country!
Cutting off Russia from SWIFT will really sting
atlanticcouncil.org/blogs/ukrainealert/cutting-off-russia-from-swift-will-really-sting/
What is SWIFT and why it might be the weapon Russia fears most
edition.cnn.com/2022/01/26/investing/swift-russia-ukraine/index.html
Why Swift's Global Payments Are a Sanctions Pain Point
bloomberg.com/news/articles/2022-01-26/why-swift-s-global-payments-are-sanctions-pain-point-quicktake
US sanctions would hit rouble, force Russian bank bailout, say experts
afr.com/world/north-america/us-sanctions-would-hit-rouble-force-russian-bank-bailout-say-experts-20220123-p59qh0