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It has been used by the United States as a means punishing countries such as Iran which contravene the Western Liberal Order. | It has been used by the United States as a means punishing countries such as Iran which contravene the Western Liberal Order. | ||
Alternative interbank payment systems such as Russia's SPFS and China's CIPS are facilitating [[dedollarization]].<ref>https://www.rt.com/business/590267-russia-iran-ditch-swift/</ref><ref>https://new.thecradle.co/articles-id/253</ref><ref>https://www.atlanticcouncil.org/blogs/menasource/china-dedollarization-north-africa/</ref> | |||
== References == | == References == | ||
Revision as of 01:53, 17 January 2024
The Society for Worldwide Interbank Financial Telecommunication (SWIFT), legally S.W.I.F.T. SC, is a Belgian cooperative society which provides a system for executing international financial transactions and payments between banks.
It has been used by the United States as a means punishing countries such as Iran which contravene the Western Liberal Order.
Alternative interbank payment systems such as Russia's SPFS and China's CIPS are facilitating dedollarization.[1][2][3]