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SWIFT block could hurt global economy

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The expulsion of Russia from a major global financial system will cast a shadow over the world economy, which has already been hurt by the COVID-19 pandemic, experts said.

The United States, the United Kingdom, Canada and the European Union said in a joint statement on Saturday that “selected Russian banks” will be removed from the SWIFT messaging system, which stands for the Society for Worldwide Interbank Financial Telecommunication.

These affected Russian banks, about which additional details were not disclosed, will be “disconnected from the international financial system”, according to the statement.

Belgium-based SWIFT, founded in 1973, is a secure messaging system…

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