News Analysis The United States has threatened to cut Russia off from the SWIFT banking system, to prevent it from invading Ukraine. This would wreck Russia’s economy, driving the country closer to China. The Society for Worldwide Interbank Financial Telecommunication (SWIFT), established in 1973, is a communication platform that is used by banks, brokerages, and financial institutions to process payments across countries. Each year, SWIFT transmits roughly 10 billion messages between 11,000 financial institutions in more than 200 countries and dependencies, processing trillions of dollars in payments. The SWIFT system is governed by Belgian and European law, and is overseen by the G10 central banks. Therefore, SWIFT would not be obligated to meet U.S. demands. But Washington could pressure the platform to comply, as it did in 2012, when the United States wanted Iranian banks removed due to economic sanctions. The United States has tremendous influence over SWIFT because nearly …