What is Swift and what would shutting Russia out of it achieve?

The UK wants to bar Russia from the international payments network – but others doubt the sanction’s value

Russian President Vladimir Putin speaks during a Security Council meeting in the Kremlin in Moscow, Russia, Monday, Feb. 21, 2022. Picture: Alexei Nikolsky, Sputnik, Kremlin Pool Photo via AP

Russia’s invasion of Ukraine has amplified pressure for tougher economic sanctions on Moscow. 

Ireland's European Affairs minister Thomas Byrne suggested on Friday that Ireland would have supported removing Russia from the Swift network – the world’s main international payments network – with the aim of hitting Russian trade and making it harder for its companies to do business.