Biden declines to cut Russia from SWIFT payments system despite Ukraine's pleas

The United States is bucking Ukraine’s calls to remove Russia from a key international payment system, opting in favor of other sanctions that President Joe Biden argues might be more aggressive.

The Society for Worldwide Interbank Financial Telecommunication, better known as SWIFT, is the main secure messaging system that facilitates cross-border financial transactions and money transfers. SWIFT is overseen by the Bank of Belgium and is used by 11,000 banks and institutions worldwide.