Biden, Europe waiting on key SWIFT sanction against Russia

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Biden, EuropPresident Joe Biden speaks about the Russian invasion of Ukraine in the East Room of the White House, Thursday, Feb. 24, 2022, in Washington. U.S. and European officiale waiting on key SWIFT sanction against Russia

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President Joe Biden speaks about the Russian invasion of Ukraine in the East Room of the White House, Thursday, Feb. 24, 2022, in Washington. U.S. and European official

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U.S. and European officials are holding one key financial sanction against Russia in reserve, choosing not to boot Russia off SWIFT

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The Russian invasion of Ukraine caused a barrage of new financial sanctions Thursday. The sanctions are meant to isolate, punish and impoverish Russia in the long term

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President Joe Biden announced restrictions on exports to Russia and sanctions against Russian banks and state-controlled companies

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The SWIFT system averaged 42 million messages daily last year to enable payments. The name is an acronym for the Society for Worldwide Interbank Financial Telecommunications

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The problem is that banning Russia from SWIFT might not cut it off from the global economy as cleanly as proponents think

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