Sen. Young Urges SWIFT Sanction Against Russia
The move would cut off Russia from banks worldwide
U.S. Senator Todd Young wants more sanctions against Russia for its invasion of Ukraine. WNIN’s John Gibson has more:
On the WNIN Lawmakers program, the Indiana Senator said another step that could be taken is cutting Russia off from the SWIFT payment system:
"Which allows the exchange of funds from Russia into and out of other countries. If you were to cut off the SWIFT transactions by imposing sanctions you could conceivably severe the Russian economy from the the rest of the world, or at least most of the rest of the world."
SWIFT, which stands for Society for Worldwide Interbank Financial Telecommunication, was created in the 1970’s and connects 11,000 banks and institutions around the globe.
Some world leaders are reluctant to cut Russia off because it would hurt countries that depend on Russia’s oil and gas.