On to day's show, we explain what swift is. In europe don't want to get involved in a ground or air or sea war with russia,. hitting its financial sector is one of the only options. Swift was founded to take over from a now very outdated technology. It stands for the society for world wide interbank financial tele on.
The US and EU are denying a handful of Russian banks access to SWIFT, a key tool in the global financial system.
This episode was produced by Miles Bryan, edited by Matt Collette, engineered by Efim Shapiro, fact-checked by Laura Bullard, and hosted by Noel King.
Transcript at vox.com/todayexplained
Support Today, Explained by making a financial contribution to Vox! bit.ly/givepodcasts
Learn more about your ad choices. Visit podcastchoices.com/adchoices