PARIS, May 31 — By booting more Russian banks from SWIFT over the war in Ukraine, the West has left them out of the backbone of the international financial transfer system.
But its messaging system, developed in the 1970s to replace the use of ageing Telex machines, provides banks the means to communicate rapidly, securely and inexpensively. Sberbank had not initially made the list in order to allow EU countries to pay for Russian gas and oil deliveries.
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