I don't think anyone wants a currency issued by an autocracy to be the one that rules them all. China's cross border interbank payment system, otherwise known as sips, has been striving to become a highway for the chinese one. But just like russia, it's not anywhere near where swift is in terms of global connections. I imagine that world powers that are in difficult dip ic relationships with the west look at swift and think, hum there's this tool that the us. And the eu Have that can really put our citizens in a difficult place financially, which no government wants.
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
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