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The West is threatening to cut Russia from SWIFT financial transactions network. Russia is threatening back with a "strong response" that, for example, could co

by lr1970 5y ago

The West is threatening to cut Russia from SWIFT financial transactions network. Russia is threatening back with a "strong response" that, for example, could come in a form of a cyber attack. It never hurts to be vigilant and test the financial system just in case.

deepstack 5y ago
> Russia is threatening back with a "strong response" that, for example, could come in a form of a cyber attack. Really not need, they will just build their own. Believe Japan is already allowing them to use their banking clearing system. I'm sure they and China already have one. All this cyber attack stuff are really not worth while when country can just build their own SWIFT type of system.
- desine 5y ago
  Isn't Japan also on it's own banking system? You can't use USA Credit/Debit cards most places? Makes sense they would also allow Russia's "third party" option.
- newsclues 5y ago
  Russia already have a swift alternative https://en.m.wikipedia.org/wiki/SPFS https://en.m.wikipedia.org/wiki/SPFS
foverzar 5y ago
Is Russia even threatening anything back on that particular matter? Besides, it's not "the West" who wants to cut Russia out, it's only the US. European politicians don't seem to be that supportive of this idea and they are the ones who have legal power here, not the US. Tbh, it seems to me that Russia would actually profit in the long-term from yet another US illegal abuse of SWIFT. They already provide their own ISO 15022/200022 compatible solution, cheaper and decentralized https://www.cyberft.com/ https://www.cyberft.com/ Creating further inconvenience for business would simply drive them to consider additional diversification and redundancy, given that there are alternatives.
- tenpies 5y ago
  > it's not "the West" who wants to cut Russia out, it's only the US The US is really overplaying its hand under Biden, it's quite sad to watch such a complete mishandling of foreign policy and energy policy. This is almost certainly the US presidency that markets the tangible decline of US global order. I'm not sure if Trump understood this explicitly, but he did implicitly: the correct way to "defend" from Russia and China is not to try to freeze them out, but to make them active participants. If the loss of SWIFT hurts Russia, Russia would have a vested interested in its protection. Instead Biden is desperately trying to force Russia to accelerate SPFS, and in these circumstances they're going to send all of Europe along with Russia. The self-caused European Energy crisis means that the EU has to play with Russia at this stage in the game. If Biden pushes the removal of Russia from SWIFT, Russia just has to tell the EU "we only accept payment for LNG via SPFS, in Rubles, Euros, or physical delivery of gold". And that's it, Europe immediately is adopting SPFS because the alternative is freezing to death. The US is not going to ship enough LNG to the EU to keep it going - it's not even going to be able to keep Nord 2 offline. It's such an absolute negligence of foreign policy that I'd almost think the US is intentionally playing into Putin's hand.
  - nebula8804 5y ago
    They were so desperate to stop Bernie and to prevent Trump again that they have backed themselves into a terrible corner with Biden because all their other plans were foiled by Bernie/Tulsi/Yang/etc. In the next cycle they will likely push Harris which is an utter disaster. Some crazy rumors point to Hillary trying yet again although I don't believe they could be that stupid. Either way if they put up anyone other than an amazing charismatic Obama like character then Trump will win. While you think Trump was better, he really botched the Huawei debacle and honestly there is nobody at the wheel because he cannot make concrete decisions. The lack of leadership at all levels in the US is embarrassing and just a massive national shame. Our only hope is that someone amazing comes out of shadows like Obama did so we get some semblance of leadership(even though Obama wasn't really progressive). Its gonna have to be a national celebrity who can sort of bring enough of the both sides together. Jocko Wilink, The Rock, some other celebrities that are charismatic maybe that wrestler from Minnesota(they won't allow him to be the nominee but one can dream). Maybe Michelle...She has all the checkmarks and can probably beat Trump but has indicated she does not want to go down that route.

by lr1970 5y ago

deepstack 5y ago

> Russia is threatening back with a "strong response" that, for example, could come in a form of a cyber attack. Really not need, they will just build their own. Believe Japan is already allowing them to use their banking clearing system. I'm sure they and China already have one. All this cyber attack stuff are really not worth while when country can just build their own SWIFT type of system.

desine 5y ago
Isn't Japan also on it's own banking system? You can't use USA Credit/Debit cards most places? Makes sense they would also allow Russia's "third party" option.
newsclues 5y ago
Russia already have a swift alternative https://en.m.wikipedia.org/wiki/SPFS https://en.m.wikipedia.org/wiki/SPFS

foverzar 5y ago

Is Russia even threatening anything back on that particular matter? Besides, it's not "the West" who wants to cut Russia out, it's only the US. European politicians don't seem to be that supportive of this idea and they are the ones who have legal power here, not the US. Tbh, it seems to me that Russia would actually profit in the long-term from yet another US illegal abuse of SWIFT. They already provide their own ISO 15022/200022 compatible solution, cheaper and decentralized https://www.cyberft.com/ https://www.cyberft.com/ Creating further inconvenience for business would simply drive them to consider additional diversification and redundancy, given that there are alternatives.

tenpies 5y ago
> it's not "the West" who wants to cut Russia out, it's only the US The US is really overplaying its hand under Biden, it's quite sad to watch such a complete mishandling of foreign policy and energy policy. This is almost certainly the US presidency that markets the tangible decline of US global order. I'm not sure if Trump understood this explicitly, but he did implicitly: the correct way to "defend" from Russia and China is not to try to freeze them out, but to make them active participants. If the loss of SWIFT hurts Russia, Russia would have a vested interested in its protection. Instead Biden is desperately trying to force Russia to accelerate SPFS, and in these circumstances they're going to send all of Europe along with Russia. The self-caused European Energy crisis means that the EU has to play with Russia at this stage in the game. If Biden pushes the removal of Russia from SWIFT, Russia just has to tell the EU "we only accept payment for LNG via SPFS, in Rubles, Euros, or physical delivery of gold". And that's it, Europe immediately is adopting SPFS because the alternative is freezing to death. The US is not going to ship enough LNG to the EU to keep it going - it's not even going to be able to keep Nord 2 offline. It's such an absolute negligence of foreign policy that I'd almost think the US is intentionally playing into Putin's hand.
- nebula8804 5y ago
  They were so desperate to stop Bernie and to prevent Trump again that they have backed themselves into a terrible corner with Biden because all their other plans were foiled by Bernie/Tulsi/Yang/etc. In the next cycle they will likely push Harris which is an utter disaster. Some crazy rumors point to Hillary trying yet again although I don't believe they could be that stupid. Either way if they put up anyone other than an amazing charismatic Obama like character then Trump will win. While you think Trump was better, he really botched the Huawei debacle and honestly there is nobody at the wheel because he cannot make concrete decisions. The lack of leadership at all levels in the US is embarrassing and just a massive national shame. Our only hope is that someone amazing comes out of shadows like Obama did so we get some semblance of leadership(even though Obama wasn't really progressive). Its gonna have to be a national celebrity who can sort of bring enough of the both sides together. Jocko Wilink, The Rock, some other celebrities that are charismatic maybe that wrestler from Minnesota(they won't allow him to be the nominee but one can dream). Maybe Michelle...She has all the checkmarks and can probably beat Trump but has indicated she does not want to go down that route.