What SWIFT does and why it matters to Russia

-

 What SWIFT does and why it matters to Russia



SWIFT has become a hotly debated topic in the conversation about Russian sanctions. Cutting Russian banks' access would further isolate the country from the global financial community, and put more economic pressure on the Kremlin.

SWIFT, or the Society for Worldwide Interbank Financial Telecommunications, is a secure messaging service that more than 11k banks around the world use to communicate. "Essentially, the Gmail of global banking," as Bloomberg explained yesterday.

Cutting Russian banks' access would isolate the country from the global financial community, and put more economic pressure on the Kremlin. The U.S. and its European counterparts have so far held back from cutting off SWIFT, but it's not off the table.

European countries use SWIFT to pay Russian companies for oil and gas. Regular folks overseas are also familiar with the system, using it to conduct cross-country money transfers — to pay bills, say or send someone money.

Blocking SWIFT in Russia could actually hurt some European countries, particularly Germany and Italy. Without SWIFT it would be harder for these countries to buy much-needed Russian oil and gas.

Sanctions experts said the sanctions announced Thursday against big Russian banks are just as effective as cutting off SWIFT — but will do less damage to Europe


Comments

Post a Comment

Popular posts from this blog

The Richest Man In World History Was An African King, Not Bill Gates

-
Image
The question of "who is the world richest person in history of human?" had brought a lot of controversies to the entire communities today. Billions have been surfing online to know the answer to the question but still find the answers to be more complicated than they thought.  • Billionaires Jeff Bezos, Bill Gates, and Warren Buffett are currently the three richest men in the world, according to Bloomberg's Billionaires Index. • But 14th century African emperor Musa Keita is widely considered richest person in history. • It's impossible to say whether or not Mansa Musa's wealth was exaggerated by his contemporaries. • But it certainly had a tremendous impact on global perceptions of Mali - and the economy of Egypt. With an estimated of $400 billion USD, Mansa Musa I of Mali is considered to be the richest man in the history of humanity. The other day, I was watching a documentary about those iconic men who made fortunes in America by brin...
Read more

Another final year student of UNN commits suicide

-
Image
The recent outbreak of suicide among Nigerian youths that had claimed many life's in 2019 is still growing mostly among students as another UNN final year students took his life. Samuel Elias, 25, a final year student of Department of Religion and Culture, University of Nigeria Nsukka has allegedly committed suicide by drinking sniper. The mother of the deceased, Mrs Kate Elias a staff of the university, told the  News agency of Nigeria  that the unfortunate incident happened on Monday June 17, around 5.30pm in her house at Justina Eze Street Nsukka. Elias said she came back from work on that fateful day and discovered that the mood of her first child was bad and he was staggering when he came to collect a bottle of coke from the fridge. "I followed him immediately to his room and started talking to him but he could not respond and when I looked closely, I discovered that his teeth had tightened up. “As I looked around, I saw an empty sniper bottle; at this point I...
Read more

MMM is back with their new law

-
Image
* MMM, the popular Ponzi scheme, returns * The system now labels itself MMM Cooperation in a bid to "continue the legacy of its founder, late Sergey Mavrodi." * The system warns participants that  “there are no guarantees and promises" for return on investment. MMM, the popular Ponzi scheme, has resurfaced again, promising participants mouth-watering offers with strict warnings, few years of dashing hope of millions of Nigerians. The scheme, known as  Mavrodi Mundial Moneybox  (MMM), now labelled itself  MMM Cooperation , saying it returned to continue the legacy of its founder, late  Sergey Mavrodi . Like sunrise in the morning, MMM Cooperation set the pace on the 22nd of January 2019 all over the world. From negligence by many to fear of the unknown by prospective participants at the beginning; we are where we are today being most populous platform all over the world with 6 MILLION participants all in the space of 4months. “So far, we have been...
Read more