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24/11/2024
Sunday
THIS DAY IN HISTORY:
24 November 
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
24 November
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
Disconnection of banks from SWIFT: what threat does it pose to Russia?
The USA, Canada, Great Britain and European countries have agreed that some Russian banks will be disconnected from the SWIFT payment system. The relevant information was published by Steffen Hebeshtreit, representing the government of Germany. This list includes all those credit institutions that have already been under sanctions.
The decision was made by the Western countries within the framework of international sanctions caused by a military special operation being carried out on the territory of Ukraine. Among other measures, there is a ban on Russians from obtaining ‘golden passports’, which allow those who make large financial investments in the economy of a particular country to obtain a residence permit or European citizenship. In addition, sanctions should also be applied to the Central Bank of the Russian Federation, which will limit the regulator's ability to maintain the ruble exchange rate through financial transactions abroad.
Experts note that the disconnection of some Russian banks from SWIFT can bring serious losses not only to credit institutions, but also to the service itself. The system is a convenient way to transfer the necessary financial information when making international payment transactions. Currently, it includes about 11,000 banks in total.
Experts note that Western countries will try to keep those Russian structures that supply energy resources to the world market in the SWIFT system. In all other cases, foreign exchange transactions may be somewhat difficult, but are unlikely to cause any catastrophic consequences.
SWIFT, banks, sanctions, USA, EU, Central Bank
The decision was made by the Western countries within the framework of international sanctions caused by a military special operation being carried out on the territory of Ukraine. Among other measures, there is a ban on Russians from obtaining ‘golden passports’, which allow those who make large financial investments in the economy of a particular country to obtain a residence permit or European citizenship. In addition, sanctions should also be applied to the Central Bank of the Russian Federation, which will limit the regulator's ability to maintain the ruble exchange rate through financial transactions abroad.
The SWIFT system was formed in 1973 in Belgium, when credit institutions from 15 countries decided to create an operational communication mechanism to speed up payment transactions.
Previously, disconnection from SWIFT occurred only once in 2012. Then a similar measure affected the credit organizations of Iran, accused by the US of working on a nuclear program. The Council of the EU was forced to approve such sanctions under pressure of the relevant committee of the Senate of the US Congress.Experts note that the disconnection of some Russian banks from SWIFT can bring serious losses not only to credit institutions, but also to the service itself. The system is a convenient way to transfer the necessary financial information when making international payment transactions. Currently, it includes about 11,000 banks in total.
Disconnection from SWIFT does not carry significant risks for the domestic financial market of the Russian Federation, since most of the payments are made through the Central Bank system.
However, it may lead to a significant restriction of financial flows into the country, which will inevitably cause economic losses for the Russian Federation.Experts note that Western countries will try to keep those Russian structures that supply energy resources to the world market in the SWIFT system. In all other cases, foreign exchange transactions may be somewhat difficult, but are unlikely to cause any catastrophic consequences.
SWIFT, banks, sanctions, USA, EU, Central Bank
28.02.2022
