The U.S., Britain, the European Union, and other nations went after a handful of key Russian banks by banning them from using SWIFT, the global messaging system that connects thousands of financial institutions around the world. The financial blockade of Russia, punishment for its invasion of Ukraine, was announced Saturday and detailed Monday, sending the Russian ruble crashing and prompting Russia to close its stock market for two days and raised interest rates to 20 percent as people rushed ATMs to withdraw money.
SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, was founded in 1973 and is based in Belgium. Cutting off the Russian banks means they "are disconnected from the international financial system and harm their ability to operate globally," the U.S. and Europe said in a joint statement. You can read more about SWIFT and its repercussions for Russia at, among other places, The Wall Street Journal or USA Today, or you can get the quick version from Monday's Late Show and — in a manner of speaking — Taylor Swift.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Why more and more adults are reaching for soft toysUnder The Radar Does the popularity of the Squishmallow show Gen Z are 'scared to grow up'?
-
Magazine solutions - December 27, 2024 / January 3, 2025Puzzles and Quizzes Issue - December 27, 2024 / January 3, 2025
-
Magazine printables - December 27, 2024 / January 3, 2025Puzzles and Quizzes Issue - December 27, 2024 / January 3, 2025
-
Honda and Nissan in merger talksSpeed Read The companies are currently Japan's second and third-biggest automakers, respectively
-
Taylor Swift wraps up record-shattering Eras tourSpeed Read The pop star finally ended her long-running tour in Vancouver, Canada
-
Drake claims illegal boosting, defamationSpeed Read The rapper accused Universal Music of boosting Kendrick Lamar's diss track and said UMG allowed him to be falsely accused of pedophilia
-
'Wicked' and 'Gladiator II' ignite holiday box officeSpeed Read The combination of the two movies revitalized a struggling box office
-
Jussie Smollet conviction overturned on appealSpeed Read The Illinois Supreme Court overturned the actor's conviction on charges of staging a racist and homophobic attack against himself in 2019
-
Quincy Jones, music icon, is dead at 91Speed Read The legendary producer is perhaps best known as the architect behind Michael Jackson's 'Thriller'
-
OJ Simpson, star athlete tried for murder, dead at 76Speed Read The former football hero and murder suspect lost his battle with cancer
-
Momofuku's 'Chili Crunch' trademark uproarSpeed Read The company's attempt to own the sole rights has prompted backlash
