What is SWIFT and why isn’t Russia being banned from it?

Western leaders have hit Russia with a series of sanctions following its invasion of Ukraine.

One of the options not being imposed at the moment is banning Moscow from SWIFT.

But what is SWIFT, why is it so important to international global trade, and why is Russia not being excluded from it?

For the latest developments: https://news.sky.com/story/explosions-reported-near-kyiv-after-putin-authorises-military-operation-in-ukraine-ukraine-latest-12541713

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