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    Russia and SWIFT

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    calripson

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    Post  calripson Fri Apr 30, 2021 3:49 am

    I understand that the EU has commented that Russia should be cutoff from SWIFT if Russia "attacks" Ukraine. Given the EU position that Crimea is Ukraine, that gives the greenlight to cutoff Russia from SWIFT if Ukraine engages in any provocative action in Crimea. What would be the real world effects of cutting Russia off from SWIFT? What countries are currently not part of SWIFT (Iran for example?) How do they deal with lack of SWIFT access?
    kvs
    kvs

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    Post  kvs Fri Apr 30, 2021 4:02 am

    calripson wrote:I understand that the EU has commented that Russia should be cutoff from SWIFT if Russia "attacks" Ukraine. Given the EU position that Crimea is Ukraine, that gives the greenlight to cutoff Russia from SWIFT if Ukraine engages in any provocative action in Crimea. What would be the real world effects of cutting Russia off from SWIFT? What countries are currently not part of SWIFT (Iran for example?) How do they deal with lack of SWIFT access?

    Russia can demand payment in gold bullion and the same U-rope will pay it to get Russian natural gas.

    These losers are truly human insects. They have no autonomous thought processes.

    Cutting Russia off from SWIFT means that foreigners can't use their yanqui bootlick banks to make payments to Russia. That means those
    banks will lose all the business they have involved in trade with Russia. You will see foreign companies scrambling to transfer money to Chinese
    banks or regions which are not under the yanqui heel to make payments using the Russian alternative.

    We are going to see a spectacular NATzO fail as "the country that doesn't make anything" will have most countries rushing to make other
    financial arrangements to maintain that trade.



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    Backman
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    Post  Backman Fri Apr 30, 2021 5:24 am

    There is nothing proprietary about SWIFT. It is just a network everyone agrees to use.

    As I said in the other thread , cutting Russia off of swift is like declaring unrestricted submarine warfare on Russia. It's hard to tell if these retards in the EU Parliament know what they are talking about. It is all nonsense and very unlikely to happen.

    Russia could function off of SWIFT. But that's beside the point.

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    kvs
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    Post  kvs Fri Apr 30, 2021 5:53 am

    Backman wrote:There is nothing proprietary about SWIFT. It is just a network everyone agrees to use.

    As I said in the other thread , cutting Russia off of swift is like declaring unrestricted submarine warfare on Russia. It's hard to tell if these retards in the EU Parliament know what they are talking about. It is all nonsense and very unlikely to happen.

    Russia could function off of SWIFT. But that's beside the point.

    But western banks don't use other payment communication services and if they try I bet there will be laws enacted to prevent them from using the
    alternatives. So the "thinking" by these insects is that they will stop financial transactions associated with Russian trade. This, in their two-neuron brains,
    is the ultimate sanctions effort.

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    Post  LMFS Fri Apr 30, 2021 1:56 pm

    kvs wrote:These losers are truly human insects.   They have no autonomous thought processes.  

    Cutting Russia off from SWIFT means that foreigners can't use their yanqui bootlick banks to make payments to Russia.   That means those
    banks will lose all the business they have involved in trade with Russia.   You will see foreign companies scrambling to transfer money to Chinese
    banks or regions which are not under the yanqui heel to make payments using the Russian alternative.  

    Exactly. These freaks are so stupid that they think the extortion racket called Western economy is in reality a favour they do to the world. So, when they want to punish Russia, they remove her from their "protection" and loose the huge amount of money they were sucking out of her, they are the political parallel of Life of Brian's suicide squad clown

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    ahmedfire
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    Post  ahmedfire Fri Apr 30, 2021 2:37 pm

    Russia already worked on the alternative SPFS , if connected with China and India which could connect billons of people.

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    GarryB
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    Post  GarryB Sat May 01, 2021 6:52 am

    Which the EU and US will need to eventually join if they want to buy rocket engines or titanium to make aircraft and engines and things.

    The big western banks wont be allowed to join I suspect, but smaller organisations could set up trade in both systems and act as intermediaries to transfer money between systems... a real opportunity for some companies to make money for nothing.

    I suspect bigger banks will simply set up small companies to do that themselves and trade with them...

    It just means people in the west buying western goods will pay more but for no extra features or advantages... it is just increased handling that adds to costs and delays but does not improve anything at all.

    It is the sort of bullshit commerce the west loves... essentially getting money to provide access... the rich getting richer.
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    andalusia

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    Post  andalusia Sat May 01, 2021 8:55 am

    I was about to post a question about SWIFT in the International Politics thread but I saw this thread.  

    I hope Russia is successful in opposing SWIFT.  


    https://www.russia-briefing.com/news/russian-chinese-alternatives-swift-global-banking-network-coming-online.html/

    https://www.corbettreport.com/chinas-swift-alternative-and-the-engineered-death-of-the-dollar/


    There are already alternatives to SWIFT but could the US still use their influence to block countries that don't bow down to them?


    https://blog.moneymatch.co/2019/04/19/what-is-swift-transfer-cost-and-alternatives/




    Have you guys heard of Ripple? I have never heard it suggested here.

    https://www.americanexpress.com/us/foreign-exchange/articles/ripple-vs-swift-gpi-cross-border-payments/
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    Post  miketheterrible Sat May 01, 2021 9:10 am

    Hi Andalusia

    A lot to digest so I'll do my best to give an opinion on the matter.

    - I have not actually purchased or sold Ripple (XRP). But I do know I save money if I trade my BTC to XRP and then sell as there are no fees associated with it.

    XRP and Monero can work essentially the same method. Monero was actually used a few years ago in Venezuela in order to buy and sell goods to third parties and then import. Ripple or nearly any crypto can be used for same method. But it is said that Iran, NK, Russia, China and others have been using crypto to bypass sanctions. It is also how US funds unsavory people in other countries to bypass bank transfer info.

    As for how effective Russia's swift alternative is, it will all depend on the results of the tests that were done not so long ago and if there were issues or not. May not really tell till they go live.

    As for nations bypassing the sanctions, through Russia's swift alternative - it may come down to using crypto currency. Extremely hard to trace and when sold, it can be converted to multiple alt coins that make it even much harder to track. Allowing nations to buy and sell to Russia essentially bypassing swift. As to how Russia can sell it for hard currency, they can sell it to Chinese exchange or even the internal Russian exchanges. I mean, Iran is making damn good money from crypto. To the point that some brought down the network grid due to high overload from the power lines being stressed.

    Can US punish the countries who decide to still trade with Russia after a swift ban? Of course they can. But it also depends if the countries fall for it. A typical operation that everyone uses to bypass laws are shell companies. They are used as a front to take the "heat" when they are "caught" trading with sanctioned countries.

    Effectively bypassing US laws
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    kvs

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    Post  kvs Sat May 01, 2021 2:29 pm

    Ameri-tards take the cake for self-absorbed exceptional non-think. Recall the round of sanctions a while back where they targeted Deripaska and
    Rusal. Mighty hyperpower Amerikkka had to roll them back tout de suite. This SWIFT masturbation by EU-tards will be completely covered
    over with such fail.

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    Backman
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    Post  Backman Sat May 01, 2021 6:26 pm

    kvs wrote:
    Backman wrote:There is nothing proprietary about SWIFT. It is just a network everyone agrees to use.

    As I said in the other thread , cutting Russia off of swift is like declaring unrestricted submarine warfare on Russia. It's hard to tell if these retards in the EU Parliament know what they are talking about. It is all nonsense and very unlikely to happen.

    Russia could function off of SWIFT. But that's beside the point.

    But western banks don't use other payment communication services and if they try I bet there will be laws enacted to prevent them from using the
    alternatives.   So the "thinking" by these insects is that they will stop financial transactions associated with Russian trade.   This, in their two-neuron brains,
    is the ultimate sanctions effort.

    That's right. But how is that not a declaration of war ? The swift ban bullshit seems to get floated every 2-3 years. It was floated in 2015 and 2018. 

    [size=34]Cutting Russia off from SWIFT would mean declaration of war – Russian PM[/size]
    [size=34]https://www.rt.com/business/475089-russia-swift-ban-war/
    [/size]
    kvs
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    Post  kvs Sat May 01, 2021 6:47 pm

    It's a declaration of financial war and the west has lost it before it even starts.

    Russia is not physically threatened by this posturing BS and thus has no reason to treat it like actual war. I don't know what that particular PM
    was thinking.

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    Post  kvs Sat May 01, 2021 6:59 pm



    Totally hilarious.   The whole cutting Russia off from SWIFT diarrhea is DOA according to Josep Borrell.    Without SWIFT, EU-tards won't be able to pay for Russian energy
    without which they cannot run their economies.

    lol1

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    GarryB
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    Post  GarryB Sun May 02, 2021 7:29 am

    Boeing uses Russian titanium to make their aircraft... including the F-35... I don't think they will just give it to them so they will need some way of paying for it.

    And of course the EU need to buy gas... how would Russia pay the Ukraine her transit fees?

    It sounds great as a threat, but in practise would be so full of holes and essentially break the current domination of SWIFT because lots of countries buy Russian products and so if Russia has an alternative trade system that India and China join so they can trade with Russia then that becomes a system other countries will want to be part of... if they are smart they can make it cheaper to use and any profit might end up going to Russia or a group owned company... perhaps when you join it you become part owner of the system so you earn money when it is used perhaps like a cooperative bank.

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