Chapter
The Real Impact of Sanctions on Countries like Russia and Iran
21:21 - 26:33 (05:11)
Sanctions can prevent countries from using the SWIFT system and engaging in international trade, severely limiting the impact of their money. The only function the money has is in trading with other countries who are still willing to engage with them.
Clips
The SWIFT system is a unified and standardized method that allows banks to transfer money internationally.
21:21 - 26:33 (05:11)
SWIFT
Summary
The SWIFT system is a unified and standardized method that allows banks to transfer money internationally. However, countries like Ukraine and Germany have currently halted their use of SWIFT due to political tensions.