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EU Signals It Won’t Allow Russian Banks To Re-Establish Links With SWIFT in Near Future

The European Union (EU) has declined Russia's request to reconnect with the Society for Worldwide Interbank Financial Telecommunications (SWIFT), which is a crucial system for cross-border payments. The EU's decision was made in response to Russia's ongoing conflict with Ukraine, and any relaxation of the sanctions will depend on the cessation of the conflict. The disconnection from SWIFT has caused significant challenges in obtaining payments from Russian counterparts, leading Russia to explore alternatives to SWIFT and to de-dollarize its economy. This pursuit for alternatives signals a significant reconfiguration of international finance, with impacts likely to ripple far beyond the banks of Russia.

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