In a series of unprecedented sanctions, the U.S. and its allies have declared financial war on Russia. The U.S., European Commission, France, Germany, Italy, the U.K., and Canada have removed Russian banks from SWIFT which is the Society for Worldwide International Financial Telecommunications. SWIFT is used by banks for cross-border payments and is utilized by 11,000 financial institutions across 200 countries.
Additionally, a handful of US companies are taking a stand against the largest country in the world. Major American companies like McDonald’s, Netflix, Oracle, and Disney have suspended operations in Russia, just to name a few. Also, mobile payment services like ApplePay closed a loophole that allowed some Russians to continue using their payment apps despite sanctions. Visa and mastercard blocked international payments from Russian cards and vice versa.
Read in the infographic below to learn more about what these sanctions mean and how it will affect already skyrocketing prices.