World leaders are considering what sanctions they could impose to stop Russian President Vladimir Putin in his tracks.
from the international payments network SWIFT, adding that Russia's attack on Ukraine was a"crime against peace." SWIFT is a messaging network that financial institutions use to securely transmit information and instructions.
"Remember all of Russia's material exports and energy exports – most of which goes to Europe but quite a lot goes to the U.S. and other countries as well – they have to be paid for and they're paid for using the SWIFT system," Weafer told CNBC on Thursday. "So Russia has said that it would not cut off energy supplies for political reasons, but if those supplies are not paid for, then you may see a disruption of energy going into those markets, so it's a very extreme action that would of course have severe consequences for Russia but also would have consequences for Europe and for the global economy, if those exports were to be cut."
For this reason, Weafer said SWIFT could be held back as a"last chance saloon" sanction, if Russia's invasion and intentions continue to become more sinister.
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