Proceedings of the International Conference on Technology and Innovation Management (ICTIM 2022)

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Impact of SWIFT Sanction on Global Economy

Authors
Tanvir Hasib1, *, V. Vijayakumar Vengadasalam1
1Faculty of Computing and Informatics, Multimedia University, 63100, Cyberjaya, Selangor, Malaysia
*Corresponding author. Email: tanvirhasib0@gmail.com
Corresponding Author
Tanvir Hasib
Available Online 26 December 2022.
DOI
10.2991/978-94-6463-080-0_22How to use a DOI?
Keywords
SWIFT Systems; SWIFT Sanction; Global Economy
Abstract

The ongoing Russia-Ukraine war has brought the SWIFT payment system into the spotlight, with the US and European countries having taken steps to remove Russia from the financial system. This could end up being a lethal catastrophe for Russian banks, particularly the smaller ones. International money transfer using SWIFT banking system was established many years ago. SWIFT has developed to play a critical part in the progression of global business since its beginning in 1973. It facilitates the exchange of funds between monetary institutions that are members of SWIFT. Streamlining and accelerating bank correspondence is at the core of SWIFT’s underlying plan objective. Transferring money across borders specifically. This system was evolved over the years and maintained its reputation. Almost all international transactions became reliable on SWIFT systems. Due to the Russian ban on SWIFT system, it can be disruptive on global economy. This study aims to determine the impact of the sanction of SWIFT system that has caused in the supply chain and provides a better insight about the current situations and its impact in the global economy as well as Russian economy .

Copyright
© 2022 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the International Conference on Technology and Innovation Management (ICTIM 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
26 December 2022
ISBN
78-94-6463-080-0
ISSN
2352-5428
DOI
10.2991/978-94-6463-080-0_22How to use a DOI?
Copyright
© 2022 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Tanvir Hasib
AU  - V. Vijayakumar Vengadasalam
PY  - 2022
DA  - 2022/12/26
TI  - Impact of SWIFT Sanction on Global Economy
BT  - Proceedings of the International Conference on Technology and Innovation Management (ICTIM 2022)
PB  - Atlantis Press
SP  - 255
EP  - 263
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-080-0_22
DO  - 10.2991/978-94-6463-080-0_22
ID  - Hasib2022
ER  -