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Context: Recently, West’s announcement about cutting off Russian major banks from the SWIFT payment system which brings an opportunity for both India and China to deploy their indigenous systems they had prepared for such an eventuality.
What does the move aim to achieve?
Key Consequences of such move
Officials in Europe noted that the loss of SWIFT access by Russia could be a drag on the broader global economy. Russia has also equated a SWIFT ban to a declaration of war.
By: Shubham Tiwari ProfileResourcesReport error
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