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UK Wants EU to Block Russia from SWIFT Banking Network
- simonblack 12y agoSWIFT used to cover the world because it was 'neutral' to all countries. By banning Iran from using SWIFT several years back, SWIFT went from covering 'all' to only covering 'some' and thereby lost it's 'indispensable' reputation. Now it looks like another country will be banned from using it. That's called 'shooting yourself in the foot'. The BRICs are now in the process of setting up their own SWIFT-like system, and as time goes on more people will use that system and SWIFT will become less and less relevant, instead of remaining the 'only game in town'.
- throwaway000002 12y agoI feel that blocking Russia from SWIFT would be quite ballsy on the part of the EU, but ultimately Russia and its partners won't need SWIFT. With the development of the BRICS Bank [1], this eventuality is inevitable. Does it happen now, with some pain, or later is the question. But Putin is really testing the resolve of the West. Personally, if China and Russia develop serious business dealings we'll all be in for trouble, as it'll pull China into any conflict, and quite frankly all China wants to do is business while autocratically ruling its (large) corner of the globe. The gambit now is weighing the possibility of strong economic ties between China and Russia, and the longevity of Putin's leadership. Overall, this conflict in Ukraine is really bad news. MH15 was only the tip of the iceberg. I personally feel it should be handled firmly and swiftly, before it escalates any further, because, quite frankly, what amount of territory is "enough" for Russia/the separatists. [1] https://en.m.wikipedia.org/wiki/BRICS_Bank https://en.m.wikipedia.org/wiki/BRICS_Bank