In an apparent attempt to head off discussion of the topic, Russian officials have warned in recent days that any move on its membership in SWIFT would elicit a strong response.
“They have again begun discussions about restrictions on the SWIFT payment system,” Prime Minister Dmitry Medvedev told a government meeting Monday, Russian state news agency RIA Novosti reported. “If such a decision is taken our economic reaction, and reaction in other spheres, will be unlimited.”
Predictions of dire consequences were also heard from Andrei Kostin, the head of VTB Bank, Russia’s second largest lender, during the Davos economic forum last week. “It will lead to a serious deterioration of the international relationship between the East and the West,” Kostin told an audience of investors, officials and journalists Friday, according to the Russian economic news agency Prime.
Could give new meaning to "cold war" if Russia cut off energy to Europe in mid-winter.
New Cold War: Ukraine and Beyond
Cutoff of Russia from SWIFT banking system is threatened
Cutoff of Russia from SWIFT banking system is threatened
4 comments:
After Putin escalated with astonishing success with thousands of contractors, armor, artillery, advanced radar and communications equipment that were pretty well documented in the war media the Russian Rebels slaughtered the Ukrainian military.
Now Reports are that the Chancellor Merkel wants other Europeans and the US to provide defensive weapons for her war with Putin. Dangerous game.
The US has NATO obligations but shouldn't get involved in this mess. Our bases in Europe pretty much surround Germany and are there to contain Germany from her aggressive tendencies, not to help Germany start a new war. The US has no interests in Ukraine or in a war with Russia.
Except the neocons are firmly entrenched in US and UK policymaking.
The Guardian Calls for WWIII. Sure, Why Not? - Riley Waggaman
I'd personally hate to be working off Maiden Lane at JPM or FRBNY in New York as they will be the first place targeted by a Russian Kh-55SM for the symbolic value. Never think it could never happen.
Sanctions are an act of war. And if the banking system is used as the weapon of choice, bankers have become valid military targets, they are no longer civilians.
Neocons are dangerous and crazy. Can you imagine if John McCain had been elected POTUS? We'd be in deep right now.
Russia already cut off gas to europe in january, and told them if they want gas build a pipeline to turkey.
This is about the huge oil and gas reserves found off the coast of ukraine.
ukraine was going to develop it and it would have become independent of russian gas and oil and wealthy. It would have cut into russia's revenues as an alternative source to europe. So they went in and grabbed it, its why they are trying to grab as much coastal area in ukraine as possible close to crimea.
The strongest and most effective message they can send to russia is to cut them off from the swift banking system. It will deteriorate their economy drastically, and limit their actions.
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