China has the financial infrastructure to provide Russia with a SWIFT alternative—but it may not have the political will

Fortune

Last week, Western nations launched the “nuclear option” against Moscow in retaliation for Russia’s unprovoked assault on its neighbor Ukraine. The U.S., U.K., Canada, France, Germany, and Italy cut several Russian banks from SWIFT, the international payments system that allows money to travel around the world, in a move intended to “further isolate [the country] from the international financial system and our economies,” the six countries said in a joint statement.