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SWIFT’s Cut Will Affect GDP
World Economy

SWIFT’s Cut Will Affect GDP

A possible decision to block Russian access to the SWIFT international banking transaction system under the expansion of Western sanctions over the Ukraine crisis may cause Russia’s GDP to shrink by 5%, said former finance minister Alexei Kudrin, ITAR-TASS reported. “In case of the Iranian sanctions scenario with tighter restrictions on foreign currency settlements, Russia’s GDP contraction would be more profound.”

 

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