The European Union, US, UK and allies have agreed to exclude a number of Russian banks from Swift, an international payment system used by thousands of financial institutions.
Banning Russia from Swift is being described as the 'nuclear option' in finance because of the devastating effects on the economy of the sanctioned nation.
Coincidence or not, a few hours later Russia announced it puts its nuclear units on high alert.
On the longer term autocratic and dictatorial regimes may want to work on alternatives in order to be less dependent on Swift.
SOURCE: BBC 
, various news outlets
TAGS: RUSSIA SWIFT PAYMENTS FINANCE BANKING