• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Drudgereport

Latest news from around the world

  • Submit
  • Disclaimers
  • About
  • DMCA
  • Privacy Policy
  • Contact
You are here: Home / The hidden costs of cutting Russia off from SWIFT

The hidden costs of cutting Russia off from SWIFT

F OR WEEKS Russia has been massing troops and tanks near the Ukrainian border. Neither talks with nor threats from the West have stemmed the flow. With America and its allies loth to commit forces, another option is gaining prominence: cutting Russia off from SWIFT , the messaging network used by 11,000 banks in 200 countries to make cross-border payments. Flicking a switch seems safer than putting boots on the ground. But it could have dangerous consequences. A first hurdle would be getting SWIFT to comply. The co-operative of banks, based in Belgium, vows to be politically neutral. Many European countries, such as Germany, do a lot of business with Russia, and may oppose the plan. But there is a precedent. In 2018 America managed to force SWIFT to ditch Iranian banks even in the face of European resistance. America would probably have its way again. It could threaten to pull its own banks from SWIFT , or to seize infrastructure vital to the network, such as a data centre in Virginia. In 2020 it used similar threats to force SITA , a network of global airlines based in Switzerland, to disconnect carriers from countries facing American sanctions. But would… Read full this story

  • US Diplomat: Russia Should Free Ukrainian Sailors Soon
  • There Were Zero Things Better This Week Than 'Labor Radical' Taylor Swift
  • US joins Saudi Arabia, Russia to weaken climate change report
  • Donald Trump Says Afghanistan 'Made' Soviet Union Into Russia, Wants Moscow to Go Back There
  • The hidden toll of American drones in Yemen: Civilian deaths
  • Russia's Latest 'hi-tech' Robot Is Just a Man in a Suit
  • Exclusive: Visa, Mastercard offer tourist card fee cut in EU antitrust probe
  • Japan to Buy More Stealth Jets, Radar to Counter China, Russia
  • Tucker Carlson: The shadow Trump Russia investigation has harmed our country. We need radical transparency
  • Saudi Arabia allies with Russia as OPEC’s power wanes
The hidden costs of cutting Russia off from SWIFT have 302 words, post on www.economist.com at December 18, 2021. This is cached page on Drudgereport. If you want remove this page, please contact us.

Primary Sidebar

RSS Drudgereport

  • Almost 18kg of heroin seized at Woodlands Checkpoint, 3 suspects arrested
  • Real Estate Kirkland
  • Thais crowned men’s futsal kings
  • Market finishes the week on a negative note
  • Inspectorate urges HCM City to speed up restructuring of SOEs

Sponsored Links

  • US commission to conduct assessment of failure of 20-year war in Afghanistan
  • Jennifer Lopez is ‘fuming’ at Ben Affleck’s decision to bash Jennifer Garner in public
  • Mr Bean has amazing £10m car collection
  • Prince William’s secret intention for US move before Prince Harry unearthed
  • State Dept. suggests Afghan Fulbright hopefuls seek other options as program stalls
Copyright © 2022 Drudgereport. Power by Wordpress.
Home - About Us - Contact Us - Disclaimers - DMCA - Privacy Policy - Submit your story