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  • Ukraine crisis:

    In a major move aimed to cripple Russia's economy, the US along with its key allies, including EU and the UK, have decided to disconnect key sanctioned Russian banks from the global financial system SWIFT and impose restrictive measures on its central bank in response to Moscow's invasion of Ukraine.

    It was also decided to launch a joint task force to hunt down assets of sanctioned Russian companies and oligarchs, according to a joint statement issued by the leaders of the US, the European Commission, France, Germany, Italy, the UK and Canada on Saturday.

    The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the world's main banking messaging service which links around 11,000 banks and institutions in more than 200 countries, including India.

    Based in Belgium, the system is considered central to the smooth functioning of global finances and Russia's exclusion from it would hit the country hard.
    Ukraine crisis: In a major move aimed to cripple Russia's economy, the US along with its key allies, including EU and the UK, have decided to disconnect key sanctioned Russian banks from the global financial system SWIFT and impose restrictive measures on its central bank in response to Moscow's invasion of Ukraine. It was also decided to launch a joint task force to hunt down assets of sanctioned Russian companies and oligarchs, according to a joint statement issued by the leaders of the US, the European Commission, France, Germany, Italy, the UK and Canada on Saturday. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the world's main banking messaging service which links around 11,000 banks and institutions in more than 200 countries, including India. Based in Belgium, the system is considered central to the smooth functioning of global finances and Russia's exclusion from it would hit the country hard.
    WWW.BUSINESS-STANDARD.COM
    Ukraine crisis: US, European Union cut few Russian banks from SWIFT
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  • The London Interbank Offered Rate, a number that spent decades as a central force of international finance and was used in setting interest rates on everything from mortgages to student loans, has died after a long battle with regulators. It was 52.
    Known as Libor, the interest rate bench mark once underpinned more than $300 trillion in financial contracts but was undone after a yearslong market-rigging scandal came to light in 2008. It turned out that bankers had been coordinating with one another to manipulate the rate by skewing the number higher or lower for their banks’ gain.
    The London Interbank Offered Rate, a number that spent decades as a central force of international finance and was used in setting interest rates on everything from mortgages to student loans, has died after a long battle with regulators. It was 52. Known as Libor, the interest rate bench mark once underpinned more than $300 trillion in financial contracts but was undone after a yearslong market-rigging scandal came to light in 2008. It turned out that bankers had been coordinating with one another to manipulate the rate by skewing the number higher or lower for their banks’ gain.
    INDIANEXPRESS.COM
    Libor, long the most important number in finance, dies at 52
    Known as Libor, the interest rate bench mark once underpinned more than $300 trillion in financial contracts but was undone after a yearslong market-rigging scandal came to light in 2008.
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