Posted on 02/26/2022 9:06:40 AM PST by elpadre
Technical preparations for Russia's disconnection from the SWIFT interbank information system have begun. The Minister of Foreign Affairs of Ukraine Dmytro Kuleba announced this on his Facebook page.
“The official decision has not been drawn up yet, but technical preparations for the decision and implementation of this sanction have already begun. We pushed and pushed and we succeeded. The entire vertical of Ukrainian diplomacy worked for that - from the President of Ukraine to the attaché at the Ukrainian embassy,” Kuleba wrote.
The Minister also thanked all the numerous people, in particular the Ukrainian diaspora, who put pressure on the governments to support this decision. "Ukrainian diplomats dedicate this victory to all defenders of Ukraine," the Foreign Minister added.
On Saturday, February 26, it became known that Italy, Cyprus and Hungary had withdrawn their objections to Russia's exclusion from SWIFT. Germany was the last to announce such a step. It was to the German government that the relevant online petition was sent, which has so far collected more than 300,000 signatures.
The threat of Russia building a new system to replace SWIFT is not existent.
My post never mentioned that I suspected the Russians would develop Swift. What about China which is backing Russia? Maybe the Swiss will do it just for the kicks. Nobody likes a monopoly and when that monopoly uses power to try and control you then you look for other options.
More: Remember the meltdown of 08? Wonder why our USD stayed strong? Fact: Freedom of Information requests revealed a few years ago the Fed loaned out more than 8 trillion dollars plus to foreign banks to keep them afloat at 2.5-7 percent interest, guess what the catch was? They had to pay back the loans in US dollars! The demand for US dollars was historic, thus artificially propping up the USD.
Flash to today, cutting Russia out of SWIFT massively reduces the demand for dollars, Russia and others will no longer deal with SWIFT but use the Russian Chinese International payment system they developed a year back…Iran, Venezuela and many other countries ( anti US) have already been using it.
Bottom line, reducing the demand for dollars effects our entire financial system and society.Prepare accordingly.
SWIFT for Electronic Funds Transfers
Need to transfer money overseas? Today, it is easy to walk into a bank and transfer money anywhere around the globe, but how does this happen? Behind most international money and security transfers is the Society for Worldwide Interbank Financial Telecommunications (SWIFT) system. SWIFT is a vast messaging network used by banks and other financial institutions to quickly, accurately, and securely send and receive information, such as money transfer instructions.
More than 11,000 SWIFT member institutions sent an average of 42 million messages per day through the network in 2021, marking an increase of 11.4% from 2020.1
In this article, we explore what SWIFT does, how it works, and how it makes money.
This is the serious step I have been waiting for the west to do.
Now, how does this play out with oil and gas from Russia to the west? Have we guaranteed supplies? As of last week, the UAE said they were unable to supply as much as needed.
Also, does this signal to China and the rest of our frenemies that the system they are trying to develop to undercut the SWIFT needs to be put into play more quickly than anticipated?
Lots of questions, no answers. The Biden admin is lost at sea at this point as their ideology is running into real world consequences.
Say what you will, but every business in the world will happily accept the greenback.
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Not when the Chinese Russian International system is fully instated. Already in place , CIPS and SPFS.
Vlad and Xi have been preparing for this for a few years. Senile Joe has been checkmated by Vlad once again.
Prepare accordingly, if you know what this means.
presume you haven’t traveled much?
I’ve traveled all over the world. I used to be a flight attendant. Nice try though.
And yes, that used to be the case until very recently.
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Exactly. Remember everything Slow Joe and company does is evil, corrupted or just plain stupid. Everything.
As quickly as possible!
Question....
I agree that the US $$$ is going south. So is the stock market.
If I have a large amount in a 401K that is in t-bills, and I want to protect it from the disaster coming our way, what should I do?
Invest it in Swiss Investments as their currency is more stable?
I’m familiar with required FBAR reports and disclosure.
Thanks in advance.
The idea that Putin is going to be able to roll out an international payment system to replace SWIFT in world financial transactions is complete nonsense and yet more Russian propaganda.
It is true that the Putin government has created a Fast Payment System for bank transfers within Russia over the last several years and many Russian banks can and do operate over this system. Internally, they will be able handle banking transactions for Russian businesses and consumers.
But an international reach for this is de minimis.
With the bloody invasion of his neighbor Ukraine and Putin’s unhinged rantings about European history and who has a right to exist and who doesn’t, other countries are not going to rally to Russia to adopt Putin’s payment system. That is a fantasy.
Even Kazakhstan will not give up the SWIFT system. They told Putin who asked for troops for the Ukraine operation that they will not send them and that they will not recognize Putin’s supposedly independent new Donbass countries.
China is the country that matters here in terms of potential support for Putin. But I don’t think China bargained for a long and bloody invasion that sickens the whole world (except for fanatic Russian slavic nationalists). China’s relationship with the Putin government is important, but not nearly as important as China’s relationship with the rest of the world.
Yes, China would eventually like to replace the dollar as the world’s currency but it is not going to attempt to do that in support of Russia’s bloody attempt to subject the Ukrainian people.
And here we go…
It will be worse for Italy and Germany, but It is the clearest message to Putin and Russia, that his actions will not stand. I am a conservative Republican, and as one, I believe nobody has a right to invade a peaceful democratic country and subject it to death and destruction. If Germany and Italy are willing to accept the pain, Biden would look like a total pu**y to not enact the SWIFT sanctions! I loved Zelensky’s message to Blinken and Biden, “I DON’T NEED A RIDE, I NEED AMMO!”
They can go after our dollar.
They can go after our grid.
They can activate terrorists within our homeland.
Russians traditionally are ruthless. Don’t sell them short.
Good question. Following
LOL!
Says the real tuff guy behind his keyboard.
“ I believe that is the way they transfer money for the oil we get from Russia.”
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You are mostly correct.
However, Putin holds all the cards and can really screw things up for Biden and the Democrats if he wants to.
All Putin has to do is STOP SELLING OIL TO US.
This will do three major things.
1) It will make our inflation and gas prices worse and create serious damage.
2) It will make Joe Biden and the Democrats admit and explain that we are buying oil from Russia when we don’t have to. 540 Million Barrels so far.
3) It will help the Democrats lose badly and neuter Joe Biden completely causing him or the party to lose again in 2024.
Putin can do more damage to us than we can do to him.
The fix for Russian Oil is simple………sell on the open market.
By your name, you must be Hungarian.
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