Sunday, March 26, 2017

Russia Prepares For Split With International Banking System

Via Billy

Although Russia's alternative system to SWIFT isn't fully functional, Russia would likely come out on top in the long-term

Russia has successfully developed and implemented an alternative should it be excluded from international banking systems, according to a recent report.

As far as western sanctions go, by far Russia's largest vulnerability is in its banking sector, which for better or for worse is tied to the hip with international banking.

If Russia wishes to maintain the status quo, there's not much that can be done about this dependency. But shortly after sanctions were announced in 2014, Moscow set out to prepare for the worst-case scenario: being cut off from the Worldwide Interbank Financial Telecommunication (SWIFT) system.

No comments:

Post a Comment