Seven Russian Banks Banned from SWIFT

The crisis in Ukraine has led to multiple European and U.S.-led economic sanctions against the Russian Federation, resulting in profound damage to the Russian economy, reports Al Jazeera. According to ABC News, Russia is facing the sharp devaluation of the ruble, increasing inflation, heightened interest rates, and a frozen stock market. To further disrupt the Russian economy, The Wall Street Journal reports that Western countries have removed several Russian banking entities from the Society for Worldwide Interbank Financial Telecommunication, or SWIFT.

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