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  • 3 - The Financial Sanctions and Impact on the Global Financial System

  • Christine Abely, New England Law, Boston
  • Book:
    The Russia Sanctions
    Published online:
    14 December 2023
    Print publication:
    21 December 2023, pp 27-39

  • Summary

    This chapter provides an in-depth look at how the sanctions regulations have affected finance and currency flows around the world. It examines SWIFT, the inter-bank worldwide messaging system, and how certain Russian banks were eventually banned from the platform. The chapter discusses correspondent banking, in which banks hold accounts for each other, and payment systems, which serve a variety of functions including facilitating the conversion of currencies. It examines how the sanctions disrupted the ability of Russian banks to carry out business using these tools.