Russian Court Seizes $372 Million Of JP Morgan And Bank of NY Mellon Funds

There's a growing chance that decades from now we'll look back at what happened on March 11, 2022 when Russia was kicked out of the SWIFT system as one of the key moments in our modern financial history.

The US had already frozen over $300 billion of Russian assets following Russia's invasion into Ukraine, before the decision to remove Russia from the SWIFT system was made. And ever since, there's been an acceleration of the 'de-dollarization' trend, as other countries have wondered whether they could be next.