News Forum - The west weaponises SWIFT as it ramps up sanctions against Russia

[Thaiger]

The US, European Commission, UK, France, Germany, Italy and Canada have announced they will cut “certain Russian banks” off from the world’s SWIFT bank code system, the global security network that connects thousands of financial institutions. The group said they will “collectively ensure that this war is a strategic failure for Putin”. “This will ensure that these banks are disconnected from the international financial system and harm their ability to operate globally… restrictive measures that will prevent the Russian Central Bank from deploying its international reserves in ways that undermine the impact of our sanctions.” US and EU officials are […]

The story The west weaponises SWIFT as it ramps up sanctions against Russia as seen on Thaiger News.

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[DoUKnowWhoIAm]

Looks like a new stockmarket plunge next week. 

[Shade_Wilder]

Excellent news!

THIS is the way to combat Russian aggression; no one is going to out 'ruthless' Putin, so don't even try.

Instead, the way forward is to utilize economic power, in which Russia is only a bit player, to force behaviour modification on Russia. This, combined with 'Soft Power' (Poland refusing a World Cup match against Russia, etc.) are the things that Russia can't fight.

I have gotten to know many Russians over the years in Thailand, and I have to say that generally speaking, I like them. However, I know them well enough that they have a lot of pride and don't want to be seen merely as brutish thugs. Teach 'Ivan' just how bad Putin is for their country and let them take him out; precedent in the form of the storming of the Winter Palace exists.

No one, I mean NO ONE, ever wants to go into a dispute thinking that God is on the other side. If Russian eyes are opened, they will revolt against this slaughter of their cousins.

[Soidog]

There won’t be many normal Russian tourists travelling anywhere if the Ruble continues its fall. Unless Putin calls off this attack the Ruble could collapse significantly next week. If I was Russian I’d be looking to get my money out of the Russian banking system as soon as possible. Many Russians will be thinking the same and so a run on the banks could also hasten the collapse.  

[Pinetree]

1 hour ago, Soidog said:

If I was Russian I’d be looking to get my money out of the Russian banking system as soon as possible.

If I was Russian, I would be emigrating and changing my citizenship, just as my Russian Jewish Grandparents did 100 years ago.

[garyw007]

How will the lockout of SWIFT affect the Russian tourist industry here in Thailand? Are their credit cards now blocked and will they be able to transfer funds from Russian banks to their accounts in Thailand?  Will the Russian airlines be able to fly here and buy fuel for the return trip? 

Edited February 27, 2022 by garyw007
Miss spelled

[Cqman]

Content removed, the thread is not about Israel, please stay on topic.

 

MODERATOR

Edited February 27, 2022 by Transam
Off topic

[Khunmark]

Unlikely to have great effect. They still have cryptocurrency and haven’t heard of any trade restrictions with China or India.

[stuhan]

I am in full agreement with the sanctions and military aid, which i am sure will damage Russia in the longterm. What concerns me is the threats Putin made which were pointing at N.A.T.O,  E.U or other country that interferes with his attempt to take over the Ukraine or becomes a threat to Russia..He has reminded everyone that Russia is a nuclear superpower as a warning and N.A.T.O members have interfered with his plans already by supplying military aid and severe sanctions, push him to far who knows what he will do, he's lost the plot. 

[EdwardV]

46 minutes ago, Khunmark said:

Unlikely to have great effect. They still have cryptocurrency and haven’t heard of any trade restrictions with China or India.

Per Reuters: 

The official said that recent reports that some Chinese banks have stopped issuing letters of credit for purchases of physical commodities from Russia were a positive sign.This "suggests that, much like has been the pattern for years and years, China has tended to respect the force of U.S. sanctions," the official added.

Crypto currency? I thought they were illegal in both Russia and China? Regardless I would be surprised if they are much help. At least not on the National level where trades for commodities are made in the billions and the other party gets equal say in setting the terms (read wanting to get paid in dollars or euros). 

 

[vvdb.fr]

if we do nothing, which country after Ukraine? annexation of Phuket?

To be neutral is to be with the aggressor who has already occupied Crimea, Donbas, Osetia...

The Nazis had invaded territories in 1939 without the powers of the time moving. The story repeats itself !

[KRLMRX]

1 hour ago, garyw007 said:

How will the lockout of SWIFT affect the Russian tourist industry here in Thailand? Are their credit cards now blocked and will they be able to transfer funds from Russian banks to their accounts in Thailand?  Will the Russian airlines be able to fly here and buy fuel for the return trip? 

From what we hear, only a few, albeit large, banks will be disconnected from SWIFT.

For ordinary people, it will not be a problem to transfer funds from these banks to others that have not been sanctioned.

For legal entities, this is an incentive to more actively use the Russian and Chinese analogues of SWIFT, that is, these sanctions will contribute to the development of alternative systems.

[KRLMRX]

20 minutes ago, EdwardV said:

Per Reuters: 

The official said that recent reports that some Chinese banks have stopped issuing letters of credit for purchases of physical commodities from Russia were a positive sign.This "suggests that, much like has been the pattern for years and years, China has tended to respect the force of U.S. sanctions," the official added.

Crypto currency? I thought they were illegal in both Russia and China? Regardless I would be surprised if they are much help. At least not on the National level where trades for commodities are made in the billions and the other party gets equal say in setting the terms (read wanting to get paid in dollars or euros). 

in Russia, the production and circulation of cryptocurrencies is still allowed. according to the Central Bank of Russia, residents of Russia hold about $80 billion in cryptocurrency. Before the situation in Ukraine, the government discussed options for regulating this industry. after the start of sanctions, opinions began to appear in the mainstream media that it was necessary to look at cryptocurrencies as an alternative to international payments. It is clear that at this stage it is practically impossible, but it seems that this war will give impetus to the development of thought in this direction.

[Grumpish]

1 hour ago, vvdb.fr said:

if we do nothing, which country after Ukraine? annexation of Phuket?

To be neutral is to be with the aggressor who has already occupied Crimea, Donbas, Osetia...

The Nazis had invaded territories in 1939 without the powers of the time moving. The story repeats itself !

Lots of noise from Putin about "de-nazification", but so far all his actions have been straight out of Hitler's Third Reich playbook.

[Rookiescot]

7 minutes ago, Grumpish said:

Lots of noise from Putin about "de-nazification", but so far all his actions have been straight out of Hitler's Third Reich playbook.

Pretty offensive given President Zelenskyy of the Ukraine is actually Jewish. 

[Grumpish]

2 hours ago, garyw007 said:

How will the lockout of SWIFT affect the Russian tourist industry here in Thailand? Are their credit cards now blocked and will they be able to transfer funds from Russian banks to their accounts in Thailand?  Will the Russian airlines be able to fly here and buy fuel for the return trip? 

The nose dive of the Rouble is probably more significant. Being cut off from SWIFT may impact the ability of the central Russian banks to buy and sell currency though, which could impact the ability of the banks to service card transactions, and airlines are likely to find themselves being asked for cash up-front for fuel (which is the norm for small or financially shaky airlines anyway). 

[Rookiescot]

Back to the good old days of the USSR.

The ruble was so worthless Russia had to trade goods for goods. I recall as a kid they had "bought" stuff from the ICI and because we had one of their factories in my town there was essentially a fire sale of all the stuff Russia had sent in the factory grounds.

Half the women in the town were walking around wearing fur coats they had bought for a fiver  

[palooka]

 

A drawn out war in Ukraine is the last thing he wanted, over confident maybe.

The Swift action may push him over the edge and we'll see how far he will go, also how far the rest of Russia allows him to go.

I'm sure sensible people in power will be watching closely, whether they have enough power to stop him is another question. 

[AndyCousins]

Join the club...  ban Russisn flights...

You know it makes sence...

[stuhan]

My concerns from my earlier post seem to be beginning, as the news this morning is Putin has now put his troops on a state of nuclear alert due to unfreindly acts by the west upon Russia. What he will do now is anyone's guess.

[Grant]

17 hours ago, vvdb.fr said:

if we do nothing, which country after Ukraine? annexation of Phuket?

To be neutral is to be with the aggressor who has already occupied Crimea, Donbas, Osetia...

The Nazis had invaded territories in 1939 without the powers of the time moving. The story repeats itself !

I agree with you!

And have stated your exact comments to people!

This is History repeating itself!

He has Hitler tendencies and must be stopped 

[Noble_Design]

  And yet the West still haven't had the guts to say no to Russian gas and oil. Blocking SWIFT to show their countrymen that they are "doing something" (so that they have something to cheer for in internet forums) while at the same time pumping in billions of Euro/USD in cash to Russia.   https://time.com/6151493/russia-oil-gas-embargo-sanctions-ukraine/ 

[Guest1]

21 hours ago, Soidog said:

There won’t be many normal Russian tourists travelling anywhere if the Ruble continues its fall.

That didn't stop them, after 2014. Don't rise hope!

[Guest1]

19 hours ago, garyw007 said:

How will the lockout of SWIFT affect the Russian tourist industry here in Thailand? Are their credit cards now blocked and will they be able to transfer funds from Russian banks to their accounts in Thailand?  Will the Russian airlines be able to fly here and buy fuel for the return trip? 

Since Fax is still a common thing, in Thailand, why not?

Swift is a quick INFO system, about the transfer of the money.

"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".

But that can be dealt with.

Fax needs "a bit longer", only.

Also I am, certain, Chinese Bank, which are using also another chinese system, aside swift, and Russia is on it for some time, will be able to help out!

[HiuMak]

1 minute ago, Guest1 said:

Since Fax is still a common thing, in Thailand, why not?

Swift is a quick INFO system, about the transfer of the money.

"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".

But that can be dealt with.

Fax needs "a bit longer", only.

 

takes a bit more effort and time and more expensive but can be done