The Importance of the International Financial System

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Banking editor stephen morris talks to us about russia and swift. He says the british prime minister is having a hard time getting other countries on board. Germany, the eu, and even the us still undecidedon whether to impose the swift ban. They're worried about reciprocal damage to their economies and financial institutions. A european uniun relies on russia for a huge amount of its natural gas and oil supply,. And pays for that using the swift system.

Western countries are punishing Russia after Vladimir Putin ordered an invasion from Ukraine, and UK prime minister Boris Johnson wants to punish Russia by removing it from the Swift international payments system. Plus, the FT’s Katie Martin explains how markets reacted on the first day of the war in Ukraine.

Mentioned in this podcast:

Putin shatters peace in Europe as Russia storms Ukraine

World leaders divided on whether to eject Russia from Swift payment system

European gas prices soar and oil tops $105 after Russia attacks Ukraine

Russia-Ukraine webinar: What Next?

The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.

Read a transcript of this episode on FT.com

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