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Yes, though the closure of dollar clearance services by US and UK banks also stopped the large important payments, at least via the West. There will still be s
by Mindwipe 5y ago
Yes, though the closure of dollar clearance services by US and UK banks also stopped the large important payments, at least via the West.
There will still be some facility to do it via China, but China's largest banks are also baulking (mostly because of the rapidly imploding value of the Ruble meaning they don't trust Russian banks to actually send the requisite funds than any great moral imperative I expect by the result is the same), and any Chinese services still willing to co-operate are going to extract a very, very hefty tithe from the Russians to enable it.
- teatree 5y agoThe assumption here is that Chinese banks operate with only a profit movie. Things don't work that way in China, the CCP could compel one or more Chinese banks to co-operate if it serves their geopolitical interests. China would be keen on establishing and testing an alternative to SWIFT & CHIPS, the US stranglehold on financial systems, as they know the US would use it serve her geopolitical interests. Looking at the number of countries sanctioned, there is no dearth of customers. This reminds of Borg from Star Trek, more you use your weapons against them, faster they adapt.