How Do Professional Organizations Amplify State Power:Financial Sanctions Imposed by US Through SWIFT System
The implementation of financial sanctions against Russia by Western countries through the Society for Worldwide Interbank Financial Telecommunication(SWIFT)system has attracted attention from all parties.The high dependence of countries on the SWIFT system in cross-border payments and the structural power advantage of the US in the SWIFT system are important conditions for the US to use the SWIFT system to impose sanctions on other countries.Cross-border payment communications highly relies on SWIFT's vast financial communications infrastructure network,which enables it to become an effective sanction tool.The US has gained control over SWIFT through the international currency status of the US dollar and power advantage in SWIFT's governance structure.In the power relationship of the US(+allies)-SWIFT-other countries(sanctioned countries),SWIFT can amplify and extend the power of the US.The US can monitor cross-border payment information of other countries through SWIFT and threaten to cut off almost all cross-border payments of other countries.The US has imposed sanctions against Iran,the Democratic People's Republic of Korea and Russia through SWIFT to varying degrees.To address such sanctions,measures can be taken from two aspects:reducing the dependence on the SWIFT system and improving its governance structure.
SWIFTcross-border paymentfinancial sanctionstructural powerinternational monetary system
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