After the SWIFT ban, can Russia find other routes for its money — including crypto?
A weekend ban preventing Russia from using SWIFT, the world’s largest financial messaging network, appeared to have near immediate and far-reaching economic consequences this week.
A rolling series of sanctions from the US and and other nations in recent days have prevented Russia’s central bank from using dollars, euros, and other foreign currencies held in reserve to stabilize the ruble during economic downturns. On Saturday, the US and its major allies took what many consider the harshest sanction to date — blocking many Russian banks from SWIFT.