Page 2 - Swift System News Today

President Biden's three chief wrong-way economic turns include Energy, Trade, and Taiwan. Disoriented and confused seems to be...

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Or to punish russia if it invades ukraine or crosses into any part of ukrainian territory. there is a lot of talk about forcing russia out of the banking system. can you explain what that plan is, if such a plan exists and what might be the effects of it? i can explain what the plan is, i am very doubtful- that it will actually happen. this would be something called the swift - system, which connects around 11,000 banks around the world and it - facilitates cross—border payments. you could tak...

Developed this facility also. so there are ways around it. i think the russians believe they could deal with this. >> the swift system, anybody who does a bank transfer internationally, knows it is the society for worldwide interbank financial transfers and they took iran off the system which prevented them from selling any goods around the world. lets talk about if a war does break out. you wrote this in foreign affairs on january 21st, the moment a war starts, the geopolitical landscape will b...

Fantasy that ukraine is an essential part of the russian motherland and should be returned to the bottom of that motherland. we are in for a hellish time for the ukrainian people. the citizens of kyiv and for the russian people because putin will make himself, russia and russians a pariah state. we are already seeing that on just the first week of sanctions. russia has been thrown out of everything from the world soccer federation, to the world swift system. and this is a catastrophe. i have to ...

Step in to offer support? the worlds second biggest economy has been russias biggest trade partnerfor years with bilateral commerce hitting a new high of $147 billion in 2021. china also has a payments system called cips, which russian banks might route payments through now they have been locked out of the more widely used global swift system. orat or at least to some banks have been. joining me now from beijing is tom rafferty, regional director for asia at the economist intelligence unit. ther...

Russia, it certainly impacts his ability to be seen as a legitimate actor on the world stage. in the medium term, that will impact his ability to control russia and to control his future in russia, as well. >> lets talk about the big stick. there are big sanctions that have not been imposed just yet, the removal from the international payment system, the swift system. there are some european governments, or companies, and some americans, that are not that interested in it because it cuts off bot...

To become so dependent on somebody that, clearly, europe is afraid of. >> well, leapt me report a blow to russia. just exercised by the europeans, america and great broun. they have cut off -- great britain. they have cut off big russian banks from the international payment system. now, this is a very big deal. international payment system is the society for world wild interbank preponderance financial telecommunications. that swift system allows money to be moved from bank to bank. theyve just ...

Maybe have financial sanctions against us the way they did russians. maybe even chinese students wouldnt be able to stay in the united states so they have a lot of worries right now an pivoting and i think theyre telling russians -- get this over with. quickly as possible. and win -- >> they also have their swift system own version of the swift system. they going by russia to join them in it to start doing transactions on that system? join to have iran have legitimately a transaction of the evil...

Their factories going. thats why many of the sanctions have kind of gone around, to avoid touching those exports of natural gas was happened is a care that russia, and china, were surprised by how swiftly, and extensively, the west impose sanctions. very broad range sanctions against russia. it is going to be more difficult to impose those same sanctions against china, because, for instance, the financial system hurts move the russian companies. of course, not many u.s. companies, and european c...