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The only sanction that has enough teeth to so anything is to remove Russia from SWIFT. Without Germany’s backing, this will not happen. In addition to boycotti
by LeFantome 5y ago
The only sanction that has enough teeth to so anything is to remove Russia from SWIFT. Without Germany’s backing, this will not happen.
In addition to boycotting Russia, citizens of the world should be boycotting German products until they agree to ban Russia from SWIFT.
Putin is risking World War III and Germany has decided to let it slide to avoid some short-term economic pain. Not cool.
- aic5 5y agoRemoving Russia from SWIFT is the financial equivalent of a nuclear option. It will block Russian banks and businesses to receive or pay for goods and services in the short term, effectively cutting them from the rest of the world. The message that weaponizing SWIFT will send is that the platform is no longer as reliable for financial purposes. In the long term, it will increase the interest for alternative solutions that will further fragment payments and markets. Bankers do not like uncertainty. They will find ways around this restriction and likely keep the alternatives. If this happens, SWIFT is not coming back to Russia when this is over.
- randomsearch 5y agoIf what you said were true, western countries would not be divided on this issue. It just so happens that Germany are being cowardly over this issue, and the Germans are dependent on Russian energy.
- imhoguy 5y agoNone of countries which depend on gas/oil from Russia would like it, included Ukraine, Baltic states, Poland and so on who pay them everyday. Blocking Russia from SWIFT would kill half of EU economy.
- raxxorrax 5y agoSWIFT was already questioned when it was already used against Iran, a supposed exception. The service relies on neutrality towards any transaction, it is not a vehicle for war. Many Russian banks are already under sanction.