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It will only boost SWIFT alternatives like CIPS[1] and Russia's own SPFS [2]. [1] https://en.m.wikipedia.org/wiki/Cross-Border_Inter-Bank_Payments_System https
by xvilka 5y ago
It will only boost SWIFT alternatives like CIPS[1] and Russia's own SPFS [2].
[1] https://en.m.wikipedia.org/wiki/Cross-Border_Inter-Bank_Payments_System https://en.m.wikipedia.org/wiki/Cross-Border_Inter-Bank_Paym...
[2] https://en.m.wikipedia.org/wiki/SPFS https://en.m.wikipedia.org/wiki/SPFS
- monocasa 5y agoAnd what's the chance Putin has a massive interest in SPFS. Almost certainly, IMO.
- chrononaut 5y agoNot sure why you are getting downvoted. Can anyone with more familiarity with these systems chime in whether this is not true?
- chalst 5y agoSee my other reply. It's true that disconnection is a boost for these systems, but Russia is in for a whole lot of pain regardless; there's no "only" about this step.
- xvilka 5y agoGood point. Poor wording on my part. Of course it will be painful. Here "only" has another meaning - it reflects that it will be a big blow to the global SWIFT dominance.
- chrononaut 5y agoGot it; Thanks!
- monocasa 5y agoI guess I feel like Russia strategic choices being against Russian interests generally but being for the interests of a handful of oligarchs is pretty on brand.
- chalst 5y agoThis is not a matter of throwing a switch: reducing dependence on SWIFT has been a priority for Russia for a while now but it's been nearly a year since the EU parliament said this disconnection should be a consequence of invasion and these systems still do not offer many counterparties. This disconnection means a painful period of adjustment for Russia. Cf. https://carnegiemoscow.org/commentary/84634 https://carnegiemoscow.org/commentary/84634
- markvdb 5y agoFine anyone doing business with Russia or Russians in euros or dollars. Fine any financial firm caught in any way connected to SPFS.