What Does It Mean for Crypto If Russian Banks Are Cut Off From SWIFT?

<p>The West has attempted to expel Russia from SWIFT. What does this signify for crypto in the face of continuous uncertainty? </p> <p>The White House, along with the European Commission, Canada, the United Kingdom, Germany, and Italy, announced in the late hours of Saturday evening that some Russian banks will be removed from the SWIFT payment system. </p> <p>In a joint statement, the parties stated: </p> <p>"This would ensure that these banks are cut off from the international financial system and will hurt their ability to function globally." While also promising "restrictive steps that will prevent the Russian Central Bank from deploying its international reserves in a way that undermines the impact of our sanctions," </p> <p>Taking things a step further, Ursula von der Leyen, the current President of the European Commission, revealed: </p> <p>"We will seek to prevent Russian oligarchs from exploiting their financial assets on our markets." Putin has set out on a mission to destroy Ukraine. But he is also damaging his own country's future." </p> <p>Let's start unpacking. </p> <p>Russia's Expulsion from SWIFT </p> <p>SWIFT is by far the most important financial messaging system, with over 11,000 organisations worldwide using it. </p> <p>Following Russia's invasion of Ukraine, the EU and its partners began imposing sanctions on the country, its president – Vladimir Putin – and certain political figures. </p> <p>Excluding Russia from SWIFT will eliminate the country's capacity to liquidate assets and transfer funds among SWIFT-member banks. The action is done in an attempt to isolate and penalise the country. </p> <p>In essence, without SWIFT, banks and their clients would find it considerably more difficult, if not impossible, to function on a worldwide basis. </p> <p>What Else Is There? </p> <p>There have been numerous stories claiming that Russia has been working on a SWIFT alternative for quite some time. </p> <p>Earlier today, Asia Markets announced that Russia had an alternative - CIPS. This