Swift Sanctions

Uncanny Valley | WIRED

WIRED

Technology

4.1 • 572 Ratings

🗓️ 4 March 2022

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

Russia's armed invasion of Ukraine has already exacted a terrible human cost. Thousands of people are dead and over a million have been displaced. In condemning Russia's actions, other nations across the world have sought to hit the country with a broad array of economic sanctions. One of those sanctions targets several large Russian banks, and could have repercussions across the globe.

This week on Gadget Lab, we talk with Rachel Rizzo, a senior fellow at the Atlantic Council, about the economic repercussions of kicking major Russian banks out of Swift. Then, WIRED staff writer Aarian Marshall joins us to talk about how the war has affected gig workers in Ukraine.

Show Notes:

Read Aarian’s story about gig workers in Ukraine.

Recommendations:

Aarian recommends going on a walk to clear your head. Lauren recommends the Maintenance Phase podcast, which tackles the worst aspects of the wellness movement. Mike recommends the podcast Our Struggle, which is all about the series of autobiographical novels by Karl Ove Knausgård.

Rachel Rizzo can be found on Twitter @RachelRizzo. Aarian Marshall is @AarianMarshall Lauren Goode is @LaurenGoode. Michael Calore is @snackfight. Bling the main hotline at @GadgetLab. The show is produced by Boone Ashworth (@booneashworth). Our theme music is by Solar Keys.

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Transcript

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0:00.0	Lauren.
0:00.9	Mike.
0:02.0	Lauren, a lot of times in this podcast, we talk about topics that you and I have both reported on,
0:06.4	like trends in smartphones, processors, concerns about social media, whatever the heck the
0:11.4	metaverse is.
0:12.5	Right, right.
0:12.9	Although I'm not sure we have fully answered that last one yet.
0:15.6	We have not even come close.
0:17.1	But there's a lot going on in the world right now with Russia invading Ukraine.
0:21.4	And sometimes we need to put a pause on talking about consumer tech and bring in the experts.
0:27.1	That's correct. And we have a lot to unpack today. So let's get to it.
0:30.8	Let's do it.
0:36.2	Hi, everyone. Welcome to Gadget Lab. I am Michael Colori. I'm a senior editor at Wired.
0:42.6	And I'm Lauren Good. I'm a senior writer at Wired. As I'm sure you all know, Russia started a war last week by invading the neighboring country of Ukraine. This is a fast-moving story. New information is coming out every minute. So just to
0:55.3	timestamp this, we're recording this conversation on Thursday, March 3rd. So in response to Russia's
1:01.6	aggression, other nations have ramped up economic sanctions against Russia. One of those sanctions
1:06.3	being enforced right now is aimed at Russian banks. Western countries are moving to ban Russia from the
1:11.8	financial coordination system known as SWIFT. So what is SWIFT? We know it's a kind of messaging
1:17.2	system that banks use to coordinate money transfers around the globe. But to help explain it more,
1:22.2	we've brought in Rachel Rizzo, a senior fellow at the Atlantic Council who studies NATO and European
1:27.1	Security Matters.
1:28.4	Rachel, thanks for being here.
	...

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