The Society for Worldwide Interbank Financial Telecommunication (SWIFT), legally S.W.I.F.T. SC, is a Belgian cooperative society which provides an electronic system for executing international financial transactions and payments between banks.
It has been used by the United States as a means punishing maligned countries such as Iran which contravene the Western Liberal Order.[1]
Alternative interbank payment systems such as Russia's SPFS and China's CIPS are facilitating dedollarization.[2][3][4]
References
- ↑ https://www.nbcnews.com/news/world/blog/russia-ukraine-live-updates-n1290057/ncrd1290088?canonicalCard=true
- ↑ https://www.rt.com/business/590267-russia-iran-ditch-swift/
- ↑ https://new.thecradle.co/articles-id/253
- ↑ https://www.atlanticcouncil.org/blogs/menasource/china-dedollarization-north-africa/