Russia’s invasion of Ukraine has triggered sanctions against the country as well as calls to sever it from the main global payments system.
Ejecting Russia from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network could cripple Russia’s ability to trade with most of the world and deal a heavy blow to its economy.
But on Thursday, the United States and the European Union opted not to cut Russia off from SWIFT while leaving the door open to revisiting the possibility.
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