What are SWIFT and IBAN Codes? Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a code that identifies the bank in an international transaction, just as an ABA or ACH number ...

The European Union is set to instruct the Swift financial network to delist seven banks, including Russia's VTB Bank, in the bloc's latest move to put economic pressure on the Russian government ...

But Swift is not your traditional High Street bank. It is a sort of instant messaging system that informs users when payments have been sent and arrived. What sanctions are being imposed on Russia?