SWIFT’s Russia ban is symbolic — and that’s why it’s so important

Russia’s invasion of Ukraine is horrifying. Western leaders, fearing a broader war, are responding primarily with economic sanctions. A prominent economic sanction has been Russia’s exclusion from the international payments messaging system SWIFT, presented as a powerful means of undermining its economy. But for a payments expert such as myself, this is something of a myth. Yes, SWIFT messaging systems are a critical part of international economic activity. They provide extremely se