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I'm confused on exactly what the swift ban is. In the video, it seems swift is just the "protocol" between banks and the central bank of the country you're in.
by throw7 5y ago
I'm confused on exactly what the swift ban is. In the video, it seems swift is just the "protocol" between banks and the central bank of the country you're in.
At the end, he says international cross-currency transfers are done through "intermediate" banks like jpmorgan that has an account from a bank in the country you want to send to.
So I'm unclear what the "swift ban" did and exactly how it affected russia? Do the international transfers still use the swift protocol?
- boringg 5y agoAs I understand it - their Russian banks endpoints have been disabled (except those who are doing gas and oil sales are still active as that hasn't yet been blocked). Think of swift as a plumbing network with specific endpoints being available - if you aren't on the network then you aren't able to transact. Probably could have used something more internet related than plumbing.
- elevenoh 5y agoHow are endpoints disabled? Is this the case: nodes on SWIFT network need to update their code to block an endpoint like Russian banks?