Russia's invasion of Ukraine is driven by historical and cultural ties to the region.
Most of Russia's foreign currency reserves have been frozen.
There are 11,000 member banks.
Russian banks were blocked from using the international payment system.
5% is the percentage of Russia's GDP that could be affected.
The percentage of Russia's oil that Transneft transports has been hit by sanctions.
The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is a messaging system that allows banks to securely and quickly communicate about cross-border payments. A person in Canada wants to send money to someone in the UK.
She tells her bank the amount to be transferred, the account number and the code of the bank.
The message goes from one bank to the other if the banks have a relationship. The message goes through the banks if they don't have a relationship.
The payment is settled by the banks. His transfer is happening.
Russia's access to the international financial system is one of the reasons why some sanctions have been called for. Banks have other options.
Western companies are leaving Russia in response to the invasion of Ukraine. Several have left across three industries.
Some companies are staying put.
Russia mostly exportspetroleum oils, oils obtained from bituminous minerals and crude. China and the Netherlands are top buyers.
The US and UK will ban Russian oil in response to the war in Ukraine. The oil ban on Russia is backed by the two nations. Oil makes up 3% of the global economy, so any price increase will spread to other goods. Saudi Arabia could see a windfall.
Where things stand now.
The price per barrel of oil was broken.
If the war continues, analysts expect the price per barrel to be $185 by the end of the year.
The share of UK oil imports from Russia is 8%.
The UK and the US buy crude oil from Russia.
The US and other countries have imposed sanctions on the Russian elite because of their close ties to Putin.
The president of Transneft, a state-owned oil and gas company, is one of them.
Brothers who co-own Russia's SMP bank.
Sergei Chemezov is the CEO of the state-owned defense conglomerate.