Insights

With the U.S. and its allies cutting Russian banks from SWIFT – the system that allows banks to execute transactions safely and efficiently – experts question if it will be enough to end Putin’s invasion of Ukraine.

Brad Rustin, partner and chair of Nelson Mullins’ Financial Services Regulatory Practice, told International Business Times that while cutting Russia off from SWIFT will have severe economic consequences for the country, Russia does have other ways to deal with the situation. The System for Transfer of Financial Messages, for example, “is maintained by the Central Bank of Russia and was developed following the Crimean sanctions programs,” he said.