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> Russia has been threatened to be cut off from SWIFT Do you have a link for this claim? All I get when googling "russia cut off from swift" is a bunch of rt/z

> Russia has been threatened to be cut off from SWIFT Do you have a link for this claim? All I get when googling "russia cut off from swift" is a bunch of rt/zerohedge/tass stuff (wtf is TruNews?), followed by some clear denials in ft/bloomberg. Is there more to this than just the Russian government saying stuff?

gdy 8y ago
I most certainly do. 13. Recalls that the restrictive measures taken by the EU are directly linked to the Russian Federation’s violation of international law with the illegal annexation of Crimea and the destabilisation of Ukraine, while the trade measures taken by the Russian Federation, including those against Ukraine and other Eastern Partnership countries which have recently concluded Association Agreements with the EU, are unjustified; calls for the EU to consider excluding Russia from civil nuclear cooperation and the Swift system; http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//TEXT+TA+P8-TA-2014-0025+0+DOC+XML+V0//EN http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//...
- conistonwater 8y ago
  Was this seriously considered, or is it just the European Parliament saying things? When I google this stuff, I can't find anything to support it like an actual plan or something.
  - sam_lowry_ 8y ago
    Around the time when politicians were discussing the ban, a Russian banker joined SWIFT board. This was not a political move but a purely technical one, board members are selected based on the number of messages sent over the last year. Still funny that media did not report it at the time although this was made public.
  - gdy 8y ago
    Not a true Scotsman? According to Bloomberg, the U.K. plans to propose blocking Russia from the SWIFT banking transaction system, a move analysts say would effectively cut off Russian businesses from the rest of the world's financial system. U.K. Prime Minister David Cameron will put forward the proposal during a meeting with E.U. leaders in Brussels on Saturday. https://www.bloomberg.com/news/articles/2014-08-29/u-k-wants-eu-to-block-russia-from-swift-banking-network https://www.bloomberg.com/news/articles/2014-08-29/u-k-wants...
sasasassy 8y ago
A quick google search reveals they apparently have their own SWIFT now.¹ It is ran side by side with SWIFT, not as a competitor, so the claim that it is from fear of sanctions or other actions from the US seems accurate. [1] https://www.cnbc.com/2018/05/23/russias-central-bank-governor-touts-moscow-alternative-to-swift-transfer-system-as-protection-from-us-sanctions.html https://www.cnbc.com/2018/05/23/russias-central-bank-governo...
- sam_lowry_ 8y ago
  Every country with an independent financial system has a so called RTGS,a real-time gross settlement system. It happens that Russian RTGS is similar to SWIFT as far as data structures are concerned. This makes it easier to extend RTGS to other kinds of uses.

gdy 8y ago

I most certainly do. 13. Recalls that the restrictive measures taken by the EU are directly linked to the Russian Federation’s violation of international law with the illegal annexation of Crimea and the destabilisation of Ukraine, while the trade measures taken by the Russian Federation, including those against Ukraine and other Eastern Partnership countries which have recently concluded Association Agreements with the EU, are unjustified; calls for the EU to consider excluding Russia from civil nuclear cooperation and the Swift system; http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//TEXT+TA+P8-TA-2014-0025+0+DOC+XML+V0//EN http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//...

conistonwater 8y ago
Was this seriously considered, or is it just the European Parliament saying things? When I google this stuff, I can't find anything to support it like an actual plan or something.
- sam_lowry_ 8y ago
  Around the time when politicians were discussing the ban, a Russian banker joined SWIFT board. This was not a political move but a purely technical one, board members are selected based on the number of messages sent over the last year. Still funny that media did not report it at the time although this was made public.
- gdy 8y ago
  Not a true Scotsman? According to Bloomberg, the U.K. plans to propose blocking Russia from the SWIFT banking transaction system, a move analysts say would effectively cut off Russian businesses from the rest of the world's financial system. U.K. Prime Minister David Cameron will put forward the proposal during a meeting with E.U. leaders in Brussels on Saturday. https://www.bloomberg.com/news/articles/2014-08-29/u-k-wants-eu-to-block-russia-from-swift-banking-network https://www.bloomberg.com/news/articles/2014-08-29/u-k-wants...

sasasassy 8y ago

A quick google search reveals they apparently have their own SWIFT now.¹ It is ran side by side with SWIFT, not as a competitor, so the claim that it is from fear of sanctions or other actions from the US seems accurate. [1] https://www.cnbc.com/2018/05/23/russias-central-bank-governor-touts-moscow-alternative-to-swift-transfer-system-as-protection-from-us-sanctions.html https://www.cnbc.com/2018/05/23/russias-central-bank-governo...

sam_lowry_ 8y ago
Every country with an independent financial system has a so called RTGS,a real-time gross settlement system. It happens that Russian RTGS is similar to SWIFT as far as data structures are concerned. This makes it easier to extend RTGS to other kinds of uses.