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Russia backs global use of its alternative SWIFT system
Investing ^ | March 19, 2019

Posted on 03/25/2019 9:56:15 PM PDT by NorseViking

MOSCOW, March 19 (Reuters) - Russian lawmakers on Tuesday backed the international use of a Russian alternative system for the global financial messaging network SWIFT designed by Moscow to eliminate the risk of Western sanctions.

Russia has held talks with China, India, Iran and Turkey about joint use of Russia's financial messaging system, said Anatoly Aksakov, who heads the Russian Banking Association and a financial committee with the lower house of parliament.

"As the system has proved to be viable and efficient, it draws interest from both Russian and foreign players, it is proposed to give any legal entities, Russian and foreign, the possibility to use it," Aksakov said.

The lower house of parliament, or Duma, gave the green light to a bill proposed by Aksakov in the first reading. The bill needs to pass two more readings with the Duma and obtain support from President Vladimir Putin to become law.

Russia started developing an alternative to the Belgium-based SWIFT financial messaging service in 2014 after a shock caused by the first round of Western sanctions against Moscow which were designed to punish it for the annexation of Crimea and its role in the Ukrainian crisis.

(Excerpt) Read more at m.in.investing.com ...


TOPICS: Business/Economy
KEYWORDS: banking; china; djibouti; erdogan; eritrea; gps; hassannasrallah; hezbollah; india; iran; kurdistan; lebanon; norsetroll; receptayyiperdogan; russia; sudan; swift; turkey; yemen

1 posted on 03/25/2019 9:56:15 PM PDT by NorseViking
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To: NorseViking

Given the way that banks, payment systems, and internet moguls are banning anything the Democrats deem to be political opposition, this may end up being a go to source for many voices.


2 posted on 03/25/2019 10:13:28 PM PDT by tcrlaf (They told me it could never happen in America. And then it did....)
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To: tcrlaf

When a few years ago Visa and Mastercard stopped supporting a few Russian banks McCain said there would be a revolution. It didn’t take much time for them to develop a MIR alternative which has now ate a lot of business from Visa in unaffected Russian banks and also starts to work abroad.
With b2b alternatives and technology already there Western ability to put financial ruin to anyone they don’t like is heavily dininished.


3 posted on 03/25/2019 10:21:40 PM PDT by NorseViking
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To: NorseViking

Money, like water, will flow where it is least restricted.

The US dollar gained its power because America was a bastion of freedom, rule of law, and low-regulation, which allowed business to thrive. Its still has those things, but now the US dollar is also an increasingly highly regulated international weapon for the Federal Government. Its a delicate balance. Too much of that, and they will kill it.


4 posted on 03/25/2019 10:22:33 PM PDT by PGR88
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To: NorseViking

Money, like water, will flow where it is least restricted.

The US dollar gained its power because America was a bastion of freedom, rule of law, and low-regulation, which allowed business to thrive. Its still has those things, but now the US dollar is also an increasingly highly regulated international weapon for the Federal Government. Its a delicate balance. Too much of that, and they will kill it.


5 posted on 03/25/2019 10:22:34 PM PDT by PGR88
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To: PGR88

A delicate balance indeed and since USD is probably the single most valuable asset of US influence its viability should be the highest priority from US perspective. No short time tactical considerations should put it to risk.


6 posted on 03/25/2019 10:29:59 PM PDT by NorseViking
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To: NorseViking

Give stingers to the oppostion.

No way Russia throws another Syria in South america


7 posted on 03/26/2019 4:29:27 AM PDT by JudgemAll (Democrats Fed. job-security in hate:hypocrites must be gay like us or be tested/crucified)
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To: JudgemAll

The news aren’t about military matters.


8 posted on 03/26/2019 5:01:35 AM PDT by NorseViking
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To: NorseViking

The big question is “do you trust the honesty and security of the system created by Russia for financial transactions”.

Some will, most won’t.


9 posted on 03/26/2019 6:03:21 AM PDT by jdsteel (Americans are Dreamers too!!!)
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To: jdsteel

“” “” The big question is “do you trust the honesty and security of the system created by Russia for financial transactions”.

Some will, most won’t.”” “”

That’s a question of trust towards existing banking system in the first place.
And the reason why alternative system is established is that the existing one is getting increasingly politicized.


10 posted on 03/26/2019 6:09:58 AM PDT by NorseViking
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To: NorseViking

So you think


11 posted on 03/26/2019 3:22:22 PM PDT by JudgemAll (Democrats Fed. job-security in hate:hypocrites must be gay like us or be tested/crucified)
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