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922

I remember Russia, China and India creating a new "swift" system for trade between themselves. Not sure who else joined them. Haven't heard anything about it since but this move is certainly making me wonder.

According to Forbes:

SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunication, is based out of Belgium and handles payment requests and messages between 11,000 financial institutions across the world, delivering 42 million messages per day in 2021.

The Washington Post likens the system to the “Gmail of global banking,” and the Financial Times notes that while Russia and other countries can still conduct banking transactions with other countries without SWIFT, it would be much more labor-intensive and expensive.

Cutting Russia off from SWIFT would have a significant economic impact: When the U.S. weighed booting Russia from the platform in 2014 due to its annexation of Crimea, former Russian finance minister Alexei Kudrin estimated Russia’s gross domestic product would shrink 5% in a year without SWIFT, and then-Prime Minister Dmitry Medvedev likened the move to a “declaration of war.”

The FT also notes the move would harm Russia’s ability to profit off the oil and gas exports that make up 40% of the country’s revenue. Russia has established an alternative payments system and China also has its own system Russia could use, but the Atlantic Council notes both platforms are significantly smaller than SWIFT and wouldn’t sufficiently offset the sting of being cut off.

Ejecting Russia from SWIFT would hurt the EU’s ability to pay for the imports of Russian oil and gas it relies on, however, with one senior executive likening the move to the FT as “opening Pandora’s box.”

Here is the joint statement:

We, the leaders of the European Commission, France, Germany, Italy, the United Kingdom, Canada, and the United States condemn Putin’s war of choice and attacks on the sovereign nation and people of Ukraine. We stand with the Ukrainian government and the Ukrainian people in their heroic efforts to resist Russia’s invasion. Russia’s war represents an assault on fundamental international rules and norms that have prevailed since the Second World War, which we are committed to defending. We will hold Russia to account and collectively ensure that this war is a strategic failure for Putin.

This past week, alongside our diplomatic efforts and collective work to defend our own borders and to assist the Ukrainian government and people in their fight, we, as well as our other allies and partners around the world, imposed severe measures on key Russian institutions and banks, and on the architects of this war, including Russian President Vladimir Putin.

As Russian forces unleash their assault on Kyiv and other Ukrainian cities, we are resolved to continue imposing costs on Russia that will further isolate Russia from the international financial system and our economies. We will implement these measures within the coming days.

>I remember Russia, China and India creating a new "swift" system for trade between themselves. Not sure who else joined them. Haven't heard anything about it since but this move is certainly making me wonder. According to Forbes: SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunication, is based out of Belgium and handles payment requests and messages between 11,000 financial institutions across the world, delivering 42 million messages per day in 2021. The Washington Post likens the system to the “Gmail of global banking,” and the Financial Times notes that while Russia and other countries can still conduct banking transactions with other countries without SWIFT, it would be much more labor-intensive and expensive. Cutting Russia off from SWIFT would have a significant economic impact: When the U.S. weighed booting Russia from the platform in 2014 due to its annexation of Crimea, former Russian finance minister Alexei Kudrin estimated Russia’s gross domestic product would shrink 5% in a year without SWIFT, and then-Prime Minister Dmitry Medvedev likened the move to a “declaration of war.” The FT also notes the move would harm Russia’s ability to profit off the oil and gas exports that make up 40% of the country’s revenue. Russia has established an alternative payments system and China also has its own system Russia could use, but the Atlantic Council notes both platforms are significantly smaller than SWIFT and wouldn’t sufficiently offset the sting of being cut off. Ejecting Russia from SWIFT would hurt the EU’s ability to pay for the imports of Russian oil and gas it relies on, however, with one senior executive likening the move to the FT as “opening Pandora’s box.” Here is the joint statement: We, the leaders of the European Commission, France, Germany, Italy, the United Kingdom, Canada, and the United States condemn Putin’s war of choice and attacks on the sovereign nation and people of Ukraine. We stand with the Ukrainian government and the Ukrainian people in their heroic efforts to resist Russia’s invasion. Russia’s war represents an assault on fundamental international rules and norms that have prevailed since the Second World War, which we are committed to defending. We will hold Russia to account and collectively ensure that this war is a strategic failure for Putin. This past week, alongside our diplomatic efforts and collective work to defend our own borders and to assist the Ukrainian government and people in their fight, we, as well as our other allies and partners around the world, imposed severe measures on key Russian institutions and banks, and on the architects of this war, including Russian President Vladimir Putin. As Russian forces unleash their assault on Kyiv and other Ukrainian cities, we are resolved to continue imposing costs on Russia that will further isolate Russia from the international financial system and our economies. We will implement these measures within the coming days.

(post is archived)

[–] • 2 pts

And just like that the world declared war on Russia.

[–] • 1 pt

Kinda reminds me how quickly they declared war on Trump the day he came down the escalator. Hmmmm

[–] • 1 pt (edited )

I don't see much of a problem in being kicked out of SWIFT. The Russian Federation can demand that their oil and gas sales to the European Union be paid with tangible commodity value like silver and gold or other resource. If Europeans want to heat their homes and power their natural gas turbines to generate electricity they will find a way to pay the Russian Federation in a very practical manner. How far and how long would the EU and other allies really go to keep Russian banks from using SWIFT, since its just what the Rothschild criminal banking cartel would panic about. They don't want anyone to use gold and silver as currency, as it would eliminate the banks in any financial transaction. Remember when President Milosevic started paying the Serbian farmers with gold? That's when the Rothschild banking cartel panicked at the danger of other countries also adopting similar methods to counter their inflated currencies. Well we know the rest of the story of fabricated war crimes against Milosevic, the destruction of Belgrade and much of that nation's infratructure to guarantee absolute future indebtedness to the banksters in repaying loans to rebuild. The result is that the middlemen/banksters get completely cut out of the equation which would undermine their plans for their NWO agenda.

Bypassing the fiat currency system completely and start paying with real tangible wealth like our ancestors did for thousands of years in addition to some form of barter would destroy the corrupt world banking system. The Banksters have already stolen all our silver, gold and copper coinage and replaced it with worthless dirty contaminated steel slugs and paper or plastic notes with NO OBLIGATION to PAY BEARER ON DEMAND with gold or silver. I am confident that President Putin will find a solution.

[–] • 1 pt (edited )

Get ready for crypto to go insane when Russia adopts it as its currency

[–] • 1 pt

Sounds about right.

[–] • 1 pt

I’ve been waiting for this to happen. This is going to be fun.

[–] • 1 pt

This is going to be fun.

It has certainly been a fun week capping it off with Trump's real State of the Union speech.

[–] • 1 pt

Everything that I've read so far says that all of the Russian banks that are sanctioned are one's that are currently under sanctions for some previous offense. The banks that control the oil and gas money are NOT affected.

i.e. - no change

[–] • 0 pt

Won't make shitz difference. China's got them.

[–] • 0 pt

This will hurt Russia in the short term, however the west is using up all of its leverage. Only time will tell how effective this is, but if Russia finds a way to operate without it, we may be giving our enemies a reason to form their own financial systems completely independent of ours, which is not good and could lead to an alliance of Asia, the middle east, and Russia.

[–] • 0 pt

I understand your point but when you think of who really owns and runs the BIS, IMF most central banks I don't mind seeing it collapse.