Russia vs Ukraine latest news: Swift meaning and why leaders dey divided on banning Moscow

European Union foreign ministers don discuss weda to ban Russia from di Swift payment network, wey dey important for di smooth transaction of money worldwide.

According to diplomatic sources, dem dey consider di move as part of further sanctions on Moscow afta di invasion of Ukraine.

Ukraine President Volodymy Zelensky say make di ban be immediate to stop Moscow. But oda kontries dey draw leg ontop di mata.

To ban Russia from di system - wey thousands of financial institutions dey use - go hit di kontri banking network and access to funds. However, e go also come back to touch oda kontries and companies because, for example, buying oil and gas from Russia go dey interrupted.

EU foreign affairs Chief Josep Borrell say to exclude Russia from Swift "dey considered" by foreign ministers on Friday, but e add say dem no get di necessary level of agreement from everyone ontop di mata.

Mr Borrell say di move still remain possibility for "future consideration".

Defence Secretary Ben Wallace been dey push for a ban, e tell BBC on Friday say: "Britain want make dem turn di Swift system off for Russia. But unfortunately di Swift system no dey in our control. No be unilateral decision."

But ahead of Friday meeting, Germany foreign minister, Annalena Baerbock, say Berlin no believe say to exclude Moscow from di Swift na di right tin to do at dis moment.

She tell reporters: "I fit understand - I feel di same way - say in dis minutes, in dis hours, emotions dey run high and Say words like 'Swift Agreement' sound very, very strong, but at dis moments you need to... keep a cool head."

Earlier on Friday, France Finance Minister Bruno Le Maire say dem go only use Swift sanction as a last card.

Wetin be Swift?

Swift na di global financial vehicle wey dey allow for di smooth and fast transfer of money across borders. E stand for Society for Worldwide Interbank Financial Telecommunication.

Dem create am in 1973 and e dey based in Belgium, Swift dey link 11,000 banks and institutions in more dan 200 kontries.

But Swift no be like di traditional High Street bank. Na like instant messaging system wey dey informs users wen dem don send payments and wen e don land.

E dey send more dan 40 million messages a day, as trillions of dollars change hands between companies and goments.

Tori be say more dan 1% of those messages involve Russian payments.

Who get Swift?

Na both American and European banks create Swift, as dem bin no want a single institution to develop dia own system and get monopoly.

Now, di network dey jointly-owned by more dan 2,000 banks and financial institutions.

Na di National Bank of Belgium dey oversee am, in partnership with major central banks around di world - including di US Federal Reserve and di Bank of England.

Swift dey epp make secure international trade possible for im members, and dem no suppose to take sides for any gbege.

However, dem ban Iran from Swift for 2012, as part of sanctions over im nuclear programme. Iran lost almost half of im oil export revenues and 30% of foreign trade.

Swift say dem no get influence over sanctions and any decision to impose dem dey di hand of goments.

How banning Russia from Swift go affect am?

Russian companies go lose access to di normal smooth and instant transactions wey Swift dey provide. Payments for im valuable energy and agricultural products go dey seriously affected.

Banks go need to likely deal directly wit one anoda, e go add to delays and extra costs, and ultimately e go cut off revenues for di Russian goment.

Dem don first threaten Russia with a Swift expulsion before - for 2014 wen e annex Crimea. Russia say di move go equal a declaration of war.

Western allies bin no go ahead, but di threat bin make Russia to develop im own, very new, cross-border transfer system.

To prepare for such a sanction, di Russian goment create one National Payment Card System, wey dem call Mir, to process card payments. However, few foreign kontries currently dey use am.

Why di West dey divided over Swift?

Removing Russia go affect companies wey dey supply goods to and buy from Russia, particularly Germany.

Russia na di European Union main provider of oil and natural gas, and finding alternative supplies no go easy. With di way energy prices don already go up, further disruption na something many goments wan to avoid.

Companies wey Russia dey owe money go need to find alternative ways to collect am. Di risk of international banking wahala e go cause dey too big, some pipo tok.

Alexei Kudrin, Russia former finance minister, suggest say to cut off from Swift fit shrink Russia economy by 5%.

But doubts dey about di lasting impact on Russia economy. Russian banks fit route payments through kontries wey never impose sanctions, such as China, wey get im own payments system.

Some pressure dey from US lawmakers for a ban, but President Joe Biden say im prefer oda sanctions, mainly because of di hit to oda economies and kontries.

And a decision to stop Russia access go still need di support from European goments, many of dem wey dey drag leg sake of di possibility say e go affect dia own economies.