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When finance becomes a weapon
In the days following the invasion, the Western response was swift, massive, and spectacular. Sanctions rained down like never before: Russian reserves were frozen, airspace was closed, technology embargoes were imposed, assets were seized, and banking services were cut off.
At the heart of this response, one word kept coming up in the media: SWIFT. For the general public, SWIFT is an obscure acronym. For governments, it is the nervous system of the global economy. Based in Brussels, this network allows banks to communicate with each other to make international payments. Without SWIFT, there would be no smooth trade, no secure transfers, no normal participation in the global economy. Officially, SWIFT is neutral. Technically, it is.
Politically, it has not been for a long time. Since the 2000s, and especially after September 11, 2001, the Western financial infrastructure has been gradually integrated into the security strategy of the United States and its allies. Excluding a country from SWIFT has become the modern equivalent of a naval blockade. It is economic suffocation from a distance. In 2012, Iran experienced this firsthand. Its economy faltered.
Flashmag! Edition 168 Janvier 2026
In 2022, Russia is being hit in turn. But this time, the world is holding its breath.
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