Russia-Ukraine conflict: What is SWIFT and how cutting off Russian banks could affect Moscow
2 years, 10 months ago

Russia-Ukraine conflict: What is SWIFT and how cutting off Russian banks could affect Moscow

Firstpost  

SWIFT is a secure messaging system that facilitates rapid cross-border payments and is the principal mechanism for financing international trade The United States and European nations on Saturday agreed to block select Russian banks from SWIFT, the global financial messaging system, in response to Moscow’s continued military assault against Ukraine. In a joint statement with leaders of the European Commission, France, Germany, Italy, the United Kingdom, Canada, the officials said Russia being excluded from SWIFT ensures “that these banks are disconnected from the international financial system and harm their ability to operate globally.” These joint sanctions are the harshest measures against Moscow since its forces went into Ukraine. Banning Russian banks from SWIFT would be a major blow to the banks and damage the country’s economy right away and, in the long term, cut Russia off from a swath of international financial transactions. So comprehensive sanctions against Russian banks or a blanket exclusion of the entire Russian financial system from SWIFT would mean that they couldn’t pay their gas bills.” Is there a way around SWIFT?

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History of this topic

US sanctions Putin's daughters and more Russian banks
2 years, 9 months ago

US sanctions Putin's daughters and more Russian banks

India Today  

The United States targeted Russian banks and elites with a new package of sanctions on Wednesday that includes banning any American from investing in Russia, after Washington and Kyiv accused Moscow of committing war crimes in Ukraine. The new sanctions will put full blocking sanctions in Russia's Sberbank, which holds one-third of Russia's total banking assets, and Alfabank, a senior …

Russia-Ukraine war: What is concerning RBI, SBI, other banks in India?
2 years, 10 months ago

Russia-Ukraine war: What is concerning RBI, SBI, other banks in India?

India Today  

The ongoing war between Russia and Ukraine has ripple effects on crucial aspects of the global economy - stock markets around the world and international oil prices. PAYMENT ISSUE Banks in India were scrambling after bills for imports from Russia have started bouncing and payments for exports have been stuck in the wake of sanctions imposed by the west on …

EU cuts Russian banks from SWIFT, bans RT, Sputnik
2 years, 10 months ago

EU cuts Russian banks from SWIFT, bans RT, Sputnik

The Hindu  

The European Union on Wednesday cut seven Russian banks from the SWIFT payment system and banned Kremlin-controlled media outlets RT and Sputnik from broadcasting into the bloc. "At the speed of light, the European Union has adopted three waves of heavy sanctions against Russia's financial system, its high-tech industries and its corrupt elite," European Commission chief Ursula von der Leyen …

Russia-Ukraine Crisis: UK imposes more banking sanctions on Moscow
2 years, 10 months ago

Russia-Ukraine Crisis: UK imposes more banking sanctions on Moscow

Firstpost  

Under the plans, British people and businesses will be banned from making transactions with the Russian central bank, its finance ministry and its wealth fund London: The UK’s Chancellor of the Exchequer, Rishi Sunak, alongside the Bank of England on Monday announced the UK government’s plans to impose further economic sanctions in response to the invasion of Ukraine by Russia …

Explained | What is SWIFT and why is Russia being threatened with exclusion from the service?
2 years, 10 months ago

Explained | What is SWIFT and why is Russia being threatened with exclusion from the service?

The Hindu  

The story so far: The U.S., Europe and several other western nations are moving to exclude Russia from the Society for Worldwide Interbank Financial Telecommunication, an international network for banks to facilitate smooth money transactions globally. If a country is excluded from the most participatory financial facilitating platform, its foreign funding would take a hit, making it entirely reliant on …

Column: How Western sanctions may demolish Putin’s ‘Fortress Russia’
2 years, 10 months ago

Column: How Western sanctions may demolish Putin’s ‘Fortress Russia’

LA Times  

For years, Vladimir Putin worked assiduously to strengthen what was known as “Fortress Russia,” reducing its government debt and building up its reserves of gold and foreign currency as a bulwark against political and economic challenges. — Robert Person, U.S. Military Academy Russia holds roughly an additional $132 billion in gold domestically, but monetizing that hoard will be extremely difficult …

Russia-Ukraine: US, UK, EU, Canada sanction Russia’s central bank
2 years, 10 months ago

Russia-Ukraine: US, UK, EU, Canada sanction Russia’s central bank

Al Jazeera  

Measures aim to ‘disrupt Russia’s attempts to prop up its rapidly depreciating currency’, US Treasury says. “The unprecedented action we are taking today will significantly limit Russia’s ability to use assets to finance its destabilizing activities, and target the funds Putin and his inner circle depend on to enable his invasion of Ukraine,” Secretary of the Treasury Janet Yellen said …

West unleashes SWIFT bans, more crushing penalties on Russia
2 years, 10 months ago

West unleashes SWIFT bans, more crushing penalties on Russia

The Hindu  

The United States and European nations agreed on Saturday to impose the most potentially crippling financial penalties yet on Russia over its unrelenting invasion of Ukraine, going after the central bank reserves that underpin the Russian economy and severing some Russian banks from a vital global financial network. What we need is a targeted, functional restrictions of SWIFT.” As another …

West unleashes SWIFT bans, more crushing penalties on Russia
2 years, 10 months ago

West unleashes SWIFT bans, more crushing penalties on Russia

Associated Press  

WASHINGTON — The United States and European nations agreed Saturday to impose the most potentially crippling financial penalties yet on Russia over its unrelenting invasion of Ukraine, going after the central bank reserves that underpin the Russian economy and severing some Russian banks from a vital global financial network. The U.S. and European allies announced the moves in a joint …

EXPLAINED: A SWIFT Primer As West Moves To Freeze Russia Out Of International Payments
2 years, 10 months ago

EXPLAINED: A SWIFT Primer As West Moves To Freeze Russia Out Of International Payments

News 18  

The European Union, along with the United States and other Western partners, has announced further sanctions on Russia for its invasion of Ukraine, including cutting off a number of Russian banks from the SWIFT interbank payments system. SWIFT, or the “Society for Worldwide Interbank Financial Telecommunication”, is a secure messaging system that facilitates rapid cross-border payments, making international trade flow …

Russia-Ukraine war: US, EU, UK to sanction Russian central bank, block SWIFT
2 years, 10 months ago

Russia-Ukraine war: US, EU, UK to sanction Russian central bank, block SWIFT

India TV News  

Highlights The measures were announced jointly on Saturday as part of a new round of financial sanctions The central bank restrictions target the more than USD 600 billion in reserves Restrictions were meant to limit Russia's ability to support ruble amid tightening Western sanctions The United States, European Union and the United Kingdom agreed to put in place crippling sanctions …

Sanctions spark Russia bank run fears as country braces for ‘free fall’ in rouble
2 years, 10 months ago

Sanctions spark Russia bank run fears as country braces for ‘free fall’ in rouble

The Telegraph  

The Kremlin is scrambling to stave off a run on Russian banks after Western nations announced a barrage of punishing sanctions. According to Reuters, central bank documents showed that it had ordered market players to reject foreign clients' bids to sell Russian securities from early Monday morning. The step came after the central bank on Sunday said it would provide …

U.S. And Allies Begin Cutting Russia Out Of International Financial System SWIFT
2 years, 10 months ago

U.S. And Allies Begin Cutting Russia Out Of International Financial System SWIFT

Huff Post  

The United States and key allies will cut Russian banks out of the global financial messaging system SWIFT and begin to target Russia’s central bank, according to a White House statement on Saturday. The statement said the U.S., top European economies, Britain, and Canada would disconnect selected Russian banks from SWIFT, which will severely hurt their ability to operate internationally, …

EU Still Mulling Cutting Russia from SWIFT After Fresh Appeal from Ukrainian President
2 years, 10 months ago

EU Still Mulling Cutting Russia from SWIFT After Fresh Appeal from Ukrainian President

News 18  

Ukrainian President Volodymyr Zelensky on Saturday again asked European nations to sever Russia from the SWIFT banking system as Hungary and Italy suggested they were not blocking the move. SWIFT’s messaging system allows banks to communicate rapidly and securely about transactions, and cutting Russia off would cripple its trade with most of the world. Italy has been another country which …

Russia-Ukraine War: What is SWIFT and will Russia be banned from this system
2 years, 10 months ago

Russia-Ukraine War: What is SWIFT and will Russia be banned from this system

India TV News  

Highlights SWIFT payment network is a dominant system for global financial transactions West, Europe now considering banning Russia from SWIFT However, banning Russia from SWIFT will have impact on other nations as well Already facing several sanctions for launching a war against Ukraine, Russia may also be kicked out of the SWIFT payment network, the dominant system for global financial …

U.S. and European allies bar Russian banks from crucial SWIFT banking network
2 years, 10 months ago

U.S. and European allies bar Russian banks from crucial SWIFT banking network

LA Times  

German Chancellor Olaf Scholz waits in Berlin for the arrival of Polish Prime Minister Mateusz Morawiecki and Lithuanian President Gitanas Nauseda for talks about the Russian invasion of Ukraine. The U.S. and its European allies agreed Saturday to bar some Russian banks from the SWIFT international network and to sanction the country’s central bank, ratcheting up the West’s response to …

Biden, Europe waiting on key SWIFT sanction against Russia
2 years, 10 months ago

Biden, Europe waiting on key SWIFT sanction against Russia

Associated Press  

WASHINGTON — U.S. and European officials are holding one key financial sanction against Russia in reserve, choosing not to boot Russia off SWIFT, the dominant system for global financial transactions. “Let’s have a conversation in another month or so to see if they’re working.” Still, some European leaders, including in the United Kingdom, favor taking the additional step of blocking …

What is SWIFT Banking System and How it Can be Used to Punish Russia for Invading Ukraine. An Explainer
2 years, 10 months ago

What is SWIFT Banking System and How it Can be Used to Punish Russia for Invading Ukraine. An Explainer

News 18  

US and European officials are holding one key financial sanction against Russia in reserve, choosing not to boot Russia off SWIFT, the dominant system for global financial transactions. HESTIATION OVER BAN Ukraine has sought for Russia to be excluded from SWIFT, but several European leaders would prefer to stay patient because a ban could make international trade more difficult and …

February 25, 2022 Russia-Ukraine news
2 years, 10 months ago

February 25, 2022 Russia-Ukraine news

CNN  

European Union leaders have been considering what some are calling the “nuclear option” of removing Russia from SWIFT, a high security network that connect thousands of financial institutions around the world, following the invasion of Ukraine. US President Joe Biden said Thursday that removing Russia from SWIFT is not the direction the rest of Europe wants to go in at …

What is SWIFT and why were some Russian banks excluded from it?
2 years, 10 months ago

What is SWIFT and why were some Russian banks excluded from it?

Al Jazeera  

Disconnecting Russia from the SWIFT could cripple its ability to trade with most of the world. On Saturday, Western allies moved to block certain Russian banks’ access to the SWIFT international payment system in further punishment of Moscow as it presses on with its military assault. According to the Russian National SWIFT Association, Russia has the second-largest number of users …

Explained: Sanctions against Russia over Ukraine crisis - will they work?
2 years, 10 months ago

Explained: Sanctions against Russia over Ukraine crisis - will they work?

The Hindu  

The U.S., the E.U., Japan and the U.K. have unveiled a range of economic and financial sanctions against Russia. The sanctions target different areas, hitting specific financial institutions, Russia's capacity to raise sovereign debt on international markets as well as several individuals. U.S. investors have been banned from buying new dollar-denominated Russia debt since the Crimean annexation in 2014, while …

Ban Russia from Swift banking system or you'll have blood on your hands, Kyiv warns the West
2 years, 10 months ago

Ban Russia from Swift banking system or you'll have blood on your hands, Kyiv warns the West

The Telegraph  

Germany was resisting locking Russia out of the Swift international payments system on Thursday night, as Britain announced its largest-ever package of economic sanctions against Moscow. Kyiv said that its Western allies would have the blood of innocent Ukrainians on their hands if Europe failed to restrict Russia’s access to the world’s main payment clearing system. Ban Russia from Swift.” …

Russia faces expulsion from a key tool used in the global banking system
2 years, 10 months ago

Russia faces expulsion from a key tool used in the global banking system

NPR  

Russia faces expulsion from a key tool used in the global banking system Enlarge this image toggle caption Patrick T. Fallon/AFP via Getty Images Patrick T. Fallon/AFP via Getty Images Russia should be cut off from the SWIFT bank-messaging system as a punishment for invading Ukraine, three countries in the eastern part of the European Union said on Thursday. The …

Ukraine: EU sanctions Russia defence minister, military chief
2 years, 10 months ago

Ukraine: EU sanctions Russia defence minister, military chief

Al Jazeera  

Details of sanctions designed to ‘hurt a lot’ also target military chiefs, Kremlin chief of staff and top editor at state-run RT. The European Union has imposed sanctions on Russia’s defence minister Sergei Shoigu, the country’s military chiefs, and other people close to the Kremlin in response to the escalating crisis in Ukraine. Flagging the plan alongside French Foreign Minister …

Western sanctions on banks only scratch surface of Fortress Russia | Explained
2 years, 10 months ago

Western sanctions on banks only scratch surface of Fortress Russia | Explained

India Today  

The United States, the European Union and Britain announced new sanctions on Russia on Tuesday after Moscow's recognition of two separatist regions in Ukraine as independent entities. Indeed, U.S. banks are not expecting global sanctions to have a major impact on American bank businesses or spark contagion risk, given lenders have little exposure to the Russian economy, said three executives …

The Russia-Ukraine crisis and economic sanctions as a foreign policy measure
2 years, 10 months ago

The Russia-Ukraine crisis and economic sanctions as a foreign policy measure

The Hindu  

The story so far: In the wake of Russia’s troop buildup near the Ukrainian border, with a deployment of over 100,000 troops, many Western countries, prominently those in the G7 group of large economies have threatened to impose economic and financial sanctions on Moscow, which they claim “will have massive and immediate consequences on the Russian economy”. While Russia has …

EXPLAINER: What are US options for sanctions against Putin?
2 years, 11 months ago

EXPLAINER: What are US options for sanctions against Putin?

Associated Press  

WASHINGTON — The financial options being considered to punish President Vladimir Putin if Russia invades Ukraine range from the sweeping to the acutely personal — from cutting Russia off from U.S. dollars and international banking to slapping sanctions on a former Olympic gymnast reported to be Putin’s girlfriend. A look at some of the financial actions under consideration: SWIFT RETALIATION …

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