We have finished working on our own payment system, and if something happens, all operations in SWIFT format will work inside the country. "There were threats that we can be disconnected from SWIFT. If the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is shut down in Russia, the country’s banking system will not crash, according to Central Bank Governor Elvira Nabiullina. In the long-term it could be one of the best things to ever happen to Russia and all other nations that are tired of Washington's economic and military shenanigans. Which leads us to our second question: Is Russia prepared? If it did though, things would certainly get interesting. We have a very low opinion of European and American geopolitical strategy that being said, we have a hard time believing that Washington would seriously go forward with axing Russia's access to SWIFT. Of course, this hasn't stopped Europe and Washington from threatening to pull the SWIFT plug. Such a move "we would see as very problematic because it could perhaps undermine confidence in this system," the governor of Austria's central bank told reporters in Brussels after meeting European Commissioner Pierre Moscovici. In 2015, European Central Bank policymaker Ewald Nowotny "warned against kicking Russian banks out of the SWIFT payments transfer system as part of tighter sanctions on Moscow." Regarding the first question: The reality is that Washington's European poodles realize that cutting Russia from SWIFT would be a disaster. There are two issues surrounding SWIFT "cut-off" for Russia: 1. In fifty years when you are able to use your Bank of America debit card on the Moon (for a low fee of 2,000 moon rubles), it will be because of SWIFT or a system similar to it. In layman's terms, SWIFT allows for fast and (allegedly) secure international financial transfers. But shortly after sanctions were announced in 2014, Moscow set out to prepare for the worst-case scenario: being cut off from the Worldwide Interbank Financial Telecommunication (SWIFT) system. If Russia wishes to maintain the status quo, there's not much that can be done about this dependency. Although Russia's alternative system to SWIFT isn't fully functional, Russia would likely come out on top in the long-term Russia has successfully developed and implemented an alternative should it be excluded from international banking systems, according to a recent report.Īs far as western sanctions go, by far Russia's largest vulnerability is in its banking sector, which for better or for worse is tied to the hip with international banking.
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