According to CCTV News, on February 26, local time, the United States, the European Union, the United Kingdom and Canada issued a joint statement announcing that several major Russian banks were prohibited from using the Society for Worldwide Interbank Financial Telecommunication (SWIFT) international settlement system.
The statement said that this is the latest sanctions against Russia. At the same time, "restrictive measures" were imposed on Russia's central bank to prevent it from deploying international reserves in a way that could undermine sanctions.
According to a joint statement issued by several countries, the latest sanctions will ensure that Russian banks are cut off from the international financial system and "damage their ability to operate globally." This means that Russian banks will not be able to communicate safely and effectively with foreign banks.
According to news on February 27, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) International Settlement System stated that it has understood the joint statement of the United States, the European Union, the United Kingdom and Canada on Russian banks. SWIFT said it will comply with the relevant sanctions against Russia in accordance with legal instructions. They are reaching out to European authorities to obtain details about the entity.
According to the data, SWIFT was established in 1973. More than 11,000 financial institutions worldwide use SWIFT. The amount of information (that is, the number of messages) processed by the system every day exceeds 42 million.
Russia currently has 466 financial institutions that are members of SWIFT. If a country is excluded from the SWIFT system, it can be compared to a natural person being deleted from social media. Therefore, SWIFT is considered a "financial nuclear bomb" in sanctions.
Expelling Russia from the SWIFT system is one of the most severe financial measures, and it will deal a major blow to the country's foreign trade and international settlements.
Industry insiders believe that in the tire industry, Russia is an important import and export market in the region, and relevant companies need to pay close attention to the development of the situation.
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