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00:00:00

(foreign language)

00:00:03

- [Narrator] After Ukrainian president, Volodymyr Zelenskyy,

00:00:05

said the west sanctions on Russia were not enough

00:00:08

to prevent further Russian attacks on his country,

00:00:10

a powerful coalition representing some of the world's

00:00:13

biggest democracies announced it would block

00:00:15

some Russian banks from SWIFT.

00:00:18

The move was part of a series of severe economic penalties,

00:00:21

and it was seen as a significant step up

00:00:23

in the West's efforts to punish Russia

00:00:25

and its president, Vladimir Putin,

00:00:27

for its military assault on Ukraine.

00:00:29

- The European union and its partners

00:00:31

are working to cripple Putin's ability

00:00:34

to finance his war machine.

00:00:36

- [Narrator] So what is SWIFT?

00:00:38

And what does this move mean for Russia

00:00:39

and the rest of the world?

00:00:42

SWIFT, which stands for the Society for Worldwide

00:00:45

Interbank Financial Telecommunication,

00:00:47

is a global system that banks use to securely send

00:00:50

and receive transfer requests.

00:00:52

Similar to how phone networks facilitate calls,

00:00:55

SWIFT facilitates the movement of money.

00:00:59

- The infrastructure is what connects people together,

00:01:03

to be able to talk to each other.

00:01:05

And this is the same thing for banks,

00:01:07

it's simply instead of ideas and love

00:01:10

and messages like that you're sending on the phone,

00:01:13

you're sending money.

00:01:14

- [Narrator] SWIFT handles billions

00:01:15

of financial messages each year.

00:01:17

And while there are other systems designed

00:01:19

to circumvent SWIFT and challenge

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the dominance of the dollar,

00:01:22

SWIFT is by far the most commonly used system

00:01:25

around the world.

00:01:26

It connects more than 11,000 financial institutions

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in more than 200 countries and territories.

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Headquartered in Belgium,

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SWIFT is a member owned cooperative.

00:01:35

Iran and North Korea are cut off from it.

00:01:39

So how could SWIFT sanctions impact Russia?

00:01:42

By cutting off some Russian banks from the system,

00:01:44

the sanctions significantly hinder

00:01:46

the movement of money into and out of Russia.

00:01:49

And that could lead to higher inflation

00:01:51

and a weakening of the Russian Ruble.

00:01:53

- It's like you're putting a noose

00:01:55

around the pipeline of money into and out of Russia.

00:01:59

- [Narrator] Not only do the sanctions aim

00:02:00

to cripple Moscow's ability to finance the Russian military,

00:02:03

but they'll also affect every other aspect

00:02:06

of the economy, trickling all the way down

00:02:08

to the ability of businesses and households

00:02:10

to move money outside of the country.

00:02:12

- The leverage is the leverage on the economy

00:02:15

and the markets, that puts political pressure

00:02:18

internally on Putin to reverse course.

00:02:22

- [Narrator] But SWIFT is a global network,

00:02:23

and experts say the sanctions could have an impact

00:02:26

on countries around the world.

00:02:28

Foreign banks have about 121 billion in assets

00:02:31

owed to them by Russian based entities.

00:02:33

So cutting Russian banks off from SWIFT

00:02:35

could make it hard to collect that money,

00:02:38

and companies will undoubtedly face problems

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conducting trade with Russian counterparts,

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paying Russian staff, or buying goods from Russia.

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However, the west is planning for now,

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to keep some Russian banks online for oil and gas exports

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critical to the European and global economies.

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- The willingness for the west, particularly Europe,

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to accept these economic sacrifices,

00:03:03

which are not small, but what that reflects is

00:03:07

the seriousness they take Russia's actions as a threat

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to Western democracy, European democracy,

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post-world war II sort of agreements.

Description:

A powerful coalition of democracies announced it would cut off some Russian banks from the global payment system Swift. Here’s how Swift works, and how the move could ramp up pressure on Russian President Putin. Photo: Anton Vaganov/Reuters More from the Wall Street Journal: Visit WSJ.com: https://www.wsj.com/ Visit the WSJ Video Center: https://www.wsj.com/video On Facebook: https://www.facebook.com/unsupportedbrowser On Twitter: https://twitter.com/WSJ On Snapchat: https://on.wsj.com/2ratjSM

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