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Q.3 What is SWIFT for electronic fund transfer? What would the impact on India be after Russia’s removal from the system? (10Marks)

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https://www.financialexpress.com/opinion/de-swifting-russia-india-may-be-less-impacted-as-it-isnt-a-major-trading-partner/2449189/
In the intro, mention the sanctions against Russia.
In the body, explain the functioning of the SWIFT system for electronic transfer. In the next part, mention the impact of the removal of Russia from the system.
Conclude by mentioning the concerns will persist in India if more stringent Western sanctions are imposed on Russia, including more and more banks being removed from SWIFT.

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