For Germany and the rest of the world?

In order to avert a military conflict between Ukraine and Russia, there is a threat to exclude Russia from the global financial communication system SWIFT. The U.S. is in the process of introducing legislation on specific financial sanctions. But why does the U.S. have such a hold on SWIFT in the first place? How hard would this sanction actually hit Russia? And what would it mean for Europe?

As a cyber security and SWIFT expert, Jan Oetting from the consulting company Consileon has been a much-cited interview partner in the media on this topic in recent weeks. For example, his expertise was requested by Spiegel, WiWo, Tagesschau, as well as Schweizer Rundfunk and Hessischen Rundfunk.

Here he explains once again the most important background and context in order to understand the extent of the planned sanctions.