What Does Being Cut Off From SWIFT Mean For Russia?
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- Опубліковано 26 вер 2024
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The US President said on Thursday that the United States and Europe were united in their efforts to confront Russian aggression toward Ukraine with aggressive sanctions. However, there was one area where he suggested disagreement: SWIFT.
The messaging service, called the Society for Worldwide Interbank Financial Telecommunications, connects more than 11,000 financial institutions around the world. It is viewed as a potential nuclear option in the world of sanctions because, if Russia was kicked off SWIFT, the nation would essentially be severed from much of the global financial system.
But doing so would not be simple and could come with its own set of complications for countries outside Russia.
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I find the Canadian bank "crisis" most interesting !! (54'40" or FIGHT wiki)
They want to keep Russia on the SWIFT system in the end tho right? I mean If they kick them off they likely will figure out a way to process without it and eventually we lose the ability to track and use the system against them. I know nothing Im asking.
I worked at swift hq for 9 years, this is a good succinct overview of the situation
So It's ok for the west to break every law in the book, as soon a Russia do it's a sin, talk of double standards .
@@johnimg A) did you view the video and B) did you understand it
Great explanation. I would like to add the European dimension though. Apparently, the US was ready for this move. But, Europe blocked it. Specifically: Italy, Hungary, Cyprus (who are the most sympathetic to Russia) and most importantly ..... Germany (the energy connection).
France, Norway (my country which shares a border with Russia) as well also had reservations. Norway because it would be a declaration of war on Russia (as seen by the Russians). We don't want to be a front line for a NATO (US) EU war.
@@MuantanamoMobile it's no longer a US war I think
@@MuantanamoMobile stop saying bs. Blocking card payments is not declaration of war. Declaration of war is what russian reich is currently doing in Ukraine. Blocking swift is a minor inconvenience which you are not willing to take as thousands of people are killed in Ukraine by kremlin madman. And as it goes, you will be next. Remember this moment at that point.
@@MuantanamoMobile Gottdammit no it would n't be. This is just a sick joke of Putin. He likes to act Macho and show off. Too bad he is better in Judo (quick effective and efficient actions) than he is playing chess. He can have a vision but he can't make detailed plans to implement it perfectly. Thats why he worked well in KGB and could not work in Political Cometee.
I can imagine that Finland also may want to avoid cutting Russia off. Although Finland has a small population, it imports 100% of its gas from Russia and has no gas storage. Not to mention the direct border, which pushes them to want to avoid tension, just like Norway and Sweden.
Wow...... another clear, concise, valuable explanation on current events . Thank you Patrick!
hhahahahhaha the silly westerns really think that can broke Russia! hahahhahahahaha
@@art_means_artificial good job👍, everyone is losing.
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@@heroisdacrise2024 _Citation needed_
@@heroisdacrise2024 ???
@@heroisdacrise2024 care to elaborate...
@@QuotidianStupidity USD is the world currency currently. If Russia is cut from swift, they will develops their own system over time within their border, China and other countries. Plus the amount transacted in USD will fall because Russia is not conducting business using swift (for their own needs as well as other countries). This will lessen the #1 status of the USD over time.
@@gbballpl bro. The banking sanctions has already frozen USD currency in Russia. What are you talking about
Thanks, more relevant information on banking sanctions in 7 minutes than I got in the whole 24 hour news cycle.
ANYONE - ANYONE Who watches the News needs to look and act 180 degrees opposite.. - then, one day - you'll maybe realise that what you though was your mind ISN'T yours after all
@@heroisdacrise2024 not really US wanted to cut off Russia it was the the EU who didn't want to. Because Russia is an important trade partner to the EU while for the US they aren't.
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Also after the whole Iran fiasco Russia and others looked at ways to deal with this ahead of time. They have that SPFS system ready...sure it don't help when SWIFT is active but it will almost certainly attract lots of users when SWIFT isn't there. SWIFT's advantage is almost entirely in the founding network effect. It will then attract black+grey list banks internationally as well as those nations who fear potential US sanctions. That will put pressure of "neutral" finance centres (Singapore/Hong Kong/Switzerland) to start dealing with it. The UK and the like would soon fold to keep their financial hubs competitive with those hubs. Hell there may even be support from parts of the EU as several nations considered the way the US pressured them in the Trump's Iran fiasco-part-two-boogaloo to be a major violation of their sovereignty (rightly tbh) Once two (even highly unbalanced) systems are in place there will lots of mischief possible with arbitrage etc. So therefore any block to SWIFT would have to be temporary otherwise it will hurt itself far more than anything.
While this argumentation would have been very reasonable five days ago, today it has just as much merit as saying 'cutting off German imports to Poland in 1938 was a bad idea, as it could hurt Poland's long term profits in the coming decade'. Assuming there is a sovereign Europe in ten years is at this point in time a baseless notion. Therefore waging any amount of foreign debt against any factual defensive measures is naive at best.
@@muadhnate They have to hop on the russian systems because of two reasons.
1) They bought russian debt bonds so there will be a time when these EU buyers will have to be paid. Since there is no SWIFT, they will have to use russian system to get paid.
2) 45% of gas used by EU comes from russia. If they won't pay because of the swift ban then russia will simply cut of their gas in winter.
One way or another, the EU will be on their knees. Either they will lose a lot of money due to russian debt bonds or they will freeze to death.
@@muadhnate You want gas, you jump.
Actually you guys missed on the new system in Russia, valled MIR. It allows not only all the transactions within it, but also transactions through Visa and MasterCard even when they're blocked by sanctions. And over 100 million Russians already use it. So, cutting off Swift won't do as much damage. And current sanctions on Russian banks are also easily bypassed when using MIR system.
@@muadhnate Russia also has a system with the Chinese for this exact scenario. They were preparing for this scenario for years.
This guy is literally always on the money with his analyses.
hhahahahhaha the silly westerns really think that can broke Russia! hahahhahahahaha
@@art_means_artificial Russia is a garbage country.
Hes a professional not some idiot you-tuber
@@art_means_artificial past tense
I don't get it, they just agreed to cut off russian banks?
Thanks for this Patrick!
I think the fact that Russia, India, China and Iran already have alternatives to SWIFT I think the ban would hurt but not for long tbh
@Brandon Palmer most of these countries have been dealing mainly in the alternatives so collectively it’s good but of course will be a long ride
@Brandon Palmer" ....get their asses kicked" for what ?
For trading in yuan, roubles, rupees & rials ?
Because sanctions against Russia have been imposed by nato/ eu countries. Not UN, so they are legally unenforceable for trades done using neutral currencies
If they wanted, they could still sanction indian, Chinese and Iranian banks,but then try building case for sanctions against China & india because they traded with Russia using neutral currencies 🤡🤡🤡
I think india will soon do they own system because china and india have alot of issues, you can see alot of think from china have ban from india and they still in the QUAD so for sure hard for india to join the system when china are center make china more powerful
Hey, maybe Western Banks should have weighed the risks of lending to Russia, a country that had already almost got kicked out of swift.
Ukraine does not deserve to be sacrificed so that Western Banks who made risky loans get to profit.
buddy, Rockefeller was selling oil to naazees when ww2 was on. war is business.
ukie was/would be risked anyway. NO ONE is crazy enough to start ww3 over Ukie.
Not being sacrificed. When you (read NATO) pokes the proverbial dog enough (read Russia), you dont blame the dog for protecting it self and saying enough is enough.
@@yegorzakharov8514 Russia is not some dog that has been poked. It's a pitbull running around biting people's kids because it has a bad attitude. Unfortunately though for Mr. Putin, he has badly miscalculated, on day one the plan has fallen apart, and far from pushing other countries away from NATO, he has moved many of them, who never would have before, towards joining.
@@yegorzakharov8514 By taking out on a country that isn’t part of NATO, if Russia has reservations against NATO they should’ve attacked Poland or Lithuania not Ukraine with a military that poses no threat at all
Solid work Patrick. No drama, no bullshit. Pure solid intelligence. Keep up the work.
Thank you Mr Boyle for explaining this situation so clearly. Well done!
Please talk more about the potential impact of cutting out Russia from Swift. I think it’s really happening now.
Thanks for explaining
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This cleared up basically everything I wanted to know about Swift. I the US and Europe would expel Russia from Swift, and when it didn’t happen, I needed to understand why not. This explanation makes a whole lot of sense. Thank you!
But they did lolz. Baldy wrong.
SWIFT sanction is a one time use weapon. Once it is used Russia will use other means to do business. When a super power don't use SWIFT smaller sanctioned countries to will join Russia China and Iran's alternative. This will create an alternative to SWIFT and will speed up the erosion of USD as world reserve currency.
USD as reserve currency is the biggest weapon USA have, not there nuclear weapons.
Your comment: "SWIFT sanction is a one time use weapon." Is nonsensical, it can be withdrawn, varied and reused.
@@buildmotosykletist1987 If for example Russia started to use an alternative, even if it is withdrawn they will not go back to SWIFT 100% . May be they might completely ignore SWIFT . Withdrawing and varied use wont have the same effect as the first time use.
@@ayesh4646 : That does not make any sense. Firstly Russia can't ignore 60% of the market.
Why "... wont have the same effect as the first time use." You need to support that with some reasoning.
@@buildmotosykletist1987 But it would be stupid for countries not to use alternative. Especially when they know they can be targetted in the future. Once its used on a country as large as Russia, swift lost its credibility. Smaller countries have been sanctioned and develop alternatives but the did not get significant traction, now any one of those alternatives will.
@@abcddef2112 : How many countries are planning illegal acts ? Not many, so why would they bother with a very difficult and expensive exercise that has a high chance of failure like the CCP and Russia who have already tried and failed to establish alternatives.
Clear ,once again. Thank you
Thanks for the new video. It's very timely and appreciated.
We live in a strange world, where the only response to physical aggression of a nation state is financial penalties. Imagine if the police had no powers of arrest, but could only fine criminals.
hhahahahhaha the silly westerns really think that can broke Russia! hahahhahahahaha
Really. After all, we have seen the disconnection of the United States and NATO countries from the SWIFT system so many times for invading independent states.
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I think you glossed over the real reason that SWIFT cutoff is being delayed, besides greed, is that this system is used to buy Russian oil and gas that Europe desperately needs.
you assume that they would continue selling to Europe if they did that. They might decide to cut them off entirely and direct their sales at other parts of the world.
5:20 He said Russia is a key energy supplier to Europe.
Correct. They may have to pay with gold. Euros. Yuan...hence auto deleting the petrodollar
......that america needs desperately!!
Using banking as a political weapon is eventually going to backfire.
Level headed analysis as always. Thanks Patrick.
Now they just did this ban on Russia
Thank you Patrick, we common folk need this info to understand what our government wont tell us
This is so challenging. My cousin is married to a Russian girl who moved to the UK after Uni. Her family still live there. She says the only way to stop Putin is to force the Russian people into a desperate situation where they overthrow him. Not sure if removing Russia from SWIFT would do that but who knows.
The main purpose of sanctions is to make ordinary people (especially vulnerable groups) suffer so that they can overthrow their leaders. It's just hybrid warfare on civilians. A crime against humanity. it really does not matter whether you kill half a million children by starvation (like the US did in Iraq) through sanctions or by slashing their throats. Although slaughtering them would have been more merciful.
@@alexlazar4738 I agree, on top of that sanctions will not work on Russia, it will only drive Russia towards other partners like China. Apart from energy and ore, the rest of the Russian economy is pretty self sufficient anyway. So sanctions will hurt in the beginning, but Russia has enough reserves to buy itself time for alternative strategies.
@@soulflame799 Yes, there will be no severe consequences on ordinary people in Russia. Russia is an exporter of food, energy and mineral resources. and can exchange energy for consumer goods from China. Nobody will starve or freeze in Russia. although the overall quality of life might be affected.
wake TF Up - Putin is the good guy!!
@@alexlazar4738 Russia does export food however it also imports food and agricultural goods, effectively it is a net importer of food / agricultural goods. Either they have to cut down export and thus have less foreign currency coming in, or they have to go on a fasting diet. Unless you know how to eat the cake and have it.
Thank you for the very easy to understand explanation of the Swift system and the pros and cons when expelling someone from it.
The best strategy for western countries would be political pressure to plunge the oil price.
If i was to be ruthless i would say the best strategy would be to let him try to take ukraine, feed the insurgancies that follow while all the while regearing the entire EU energy network to be completely undependant of russia while also spreading EU propaganda in russia and bribing local officials and businessmen to be more euro minded and buy our products. Then find anti russia groups in russia and arm them creating a fractured russia. After putin is dead from old age or assasination/coup go in with a peacekeeping mission and install a pro democracy/europe regime. But again that is only if i was ruthless and trying to win the game
Thank you, for bringing the books on the side back. 😉
Thanks for a reasoned, logical, concise explanation about this "nuclear" option and why targeted sanctions probably make as much -- or more -- sense. Salute to you from a retired U.S. Navy chief petty officer enjoying retirement in the Pacific Northwest, USA!
I'd be watching the purchasing power of the rapidly worsening value of your worthless dollars
@@iansimpson6300 the USD falls ur ass is toast too, fool
@@tgd02 He did not said fall, he said worsening. US dollar has fallen steady over the years. This is a fact. You cannot alter it by getting emotional.
The question here is, would it break since USA economy depend on war and credits.
@@tgd02 I'm not american and I certainly don't have all my wealth in fiat currencies, I started buying physical gold and silver in 2010, it's now trebeled and I started buying bitcoin in 2017 when it was valued at $ 2300, so yes I may have a problem but at least I have no debt
So basically Americans and Europeans don’t have the balls to sacrifice their own financial interests for the benefit of Ukraine…
Easiest question to answer I’ve seen in a while, one Europe needs to pay for energy, two US needs everyone to be dependant on them as the reserve currency. Cut them off and alternatives will be found.
And talking too much works as a disguis of truth
My guess - the alternative were put in place while sleepy Joe was organising SW Airlines to fly in military aged males to the US
The whole war was started to keep the dollar as the reserve currency. NS2 pipeline and selling oil for euros would have severly undermined that, that's why the US went mental.
@@jeffb.140 Why would russia start a war just to help the US dollar. Your logic doesn't make any sense
They are Now!
Finally a clear voice who can go beyond politicians narative and explain that SWIFT will affect a lot any bank with wholesale operations in Russia. The bigger de bank the bigger the loss.
Thanks, the only Swift I'm familiar with parodied Malthus.
Finally i've found someone who clearly explains what Swift is and why it's so important.
You are on the money...a Godsend
They would just demand you come to moscow and pay up front in gold for the gas and oil.
thanks. really needed this
Patrick wonderful analysis , in-depth knowledge. Truly a great contribution to the world. Thank you for educating . We are indebted to you . Sai from Tokyo
Brilliant explanation
I haven't watched the video yet, but my knee jerk reaction to the question is; Because using the SWIFT and other payment systems as weapons is one of the major reasons behind the rise of bitcoin.
HELLO, Putin understands BTC and plans to use it to further his goals, which mean he won't be trapped by traditional sanctions, thus the script can be re-written to some degree.
Thank you for the explanation . 😊
Why Wasn’t Russia Cut Off From SWIFT?
A :Because money its more important than people, as it seems.
Or because people matter more than money. Doing that would lower quality of life for all involved or exposed economically. This situation is nuanced just like most.
Poor countries… getting hurt because they never had any idea Russia was like this. It's a shock for everyone.
But, but… my interests (aka profits)????????
Always such great insight ... Appreciate your breakdown of this Patrick 👊😉
Because Money!
:"There are 350 billion in EU assets inside Russia..."
...or rather...
"Some idiots in Europe decided to buy 350 billion dollars of Russian real estate for some unfathomable reason."
Rather the business conducted between Europe and Russia resulted in an asset exposure of 350 billion. You got no idea
LoL yeah we can afford to lose a yogurt plant.
Thanks for the clear breakdown Patrick!
Short and sweet vid ; I was exactly wondering why out of all economic sanctions swift wasn’t included as it seem to be the most obvious one, it makes sense now as it wouldn’t be a one way sanction - the analogy to compare it to whatsapp was perfect and leave it pretty clear to me - Also it’s so refreshing to watch it without the FTX or COIN ads in between, I’m sure they paid good money to financial ytbers to advertise cause most of them push it hard - I am sure you got offered too and you passed and that’s what makes me like you even more : )
Just fyi, the ad spots that youtube runs aren't chosen by the channel in any way; it's all the algorithm. Still reflects good on the content that those ads are less common here.
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LOVED THE EXPLANATION... i barely comment on vids. But you deserve it!! Thanks for this information
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What would happen if America banned Russia from SWIFT? Europeans who hold billions in dollars in Russian debt will still want to get paid. Russia would likely tell the European financial institutions, if you want your money back, you need to use our new system (Germany is already a member of Chinese CIPS and Russian SPFS ). It may spell the beginning of the end of SWIFT.
it will also spell the beginning of the end of the dollar dominance. Something that US cannot allow because US's whole economy depends on it.
thanks for this great & informative video!
Thanks for explaining it. Would be great if you could make a video on the possible financial impacts of the Ukraine invasion and a financial lock-down of Russia.
like WHO is going to lock down Russia/China? Some senile kiddie fiddler in a basement that poops himself in meetings?
Thanks Patrick, for another timely financial education lesson.
Russia boutta hop on ripple and iso 20022
as an iranian who has travelled to europe and many other countries i have to say that international money transfer is more difficult because our banks are not connected to any bank outside of iran i can't use my debit cards outside of iran and outsider debit cards can not be used in iran, payments and money transfers require a third party which makes the whole process much more expensive and sometimes much more time consuming. but at the end of the day it's possible and for the government and oil companies it's just a joke.
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Amazing video as usual!
Russia is already on the verge of making BTC legal tender, once this happens, they don't need to be held hostage by SWIFT.
Get it Pat... Dont MSG me on SWIFT.
SHAME on Germany, Italy, and Belgium!
Return to base 47. I have another assignment for you.
They're cut off now, uh oh.
Now that the EU and US have been discussing SWIFT bans for so long and failure to apply them has given Russia enough time to brace for any impacts of being banned.
True, and being too harsh on Russia with sanctions will drive Russia even more towards China like what already happened in the past. In the longer term will work against us.
@@soulflame799 I disagree here. We need to be as harsh as possible with sanctions on Russia. Make it hurt like hell.
@@innocentiuslacrim2290 Russia has enough reserves in money and gold to take the hit and that buys itself enough time to find other partners.
It also has a good self-sufficient economy, the result of past sanctions.
And lastly, Russia can sanction back because it holds key resources: energy and ore that are imperative to other countries.
The ones who will suffer the most here are the European countries, not Russia nor the USA.
Also, it's easy to put the blame on Russia when the matter is much more complex then the "good" and the "bad". It's time to dismantle the NATO and for the US to stop meddling in Europe, remove it's militairy bases and leave this matter to the European countries. This is none of the USA's business.
@@soulflame799 Stop your lies. It is "easy to blame Russia" here because they are the ones invading a sovereign nation and killing defending soldiers and civilians and jauling and torturing protesting people back home. It really is that simple.
@@soulflame799 Additionally you really are kidding yourself if you think that EU would be hit harder by Russian sanctions than Russia.
Makes sense to me now.
Wonder how much of it is fear that too much muscle would cause Russia and other countries adapt DeFi faster as a way to have more financial freedom for international transactions for their country but maybe I don't know enough about all that is involved.... great video
I don't think the west would care considering DeFi represents giant bug bounty piñatas and wouldn't scale to Russia's needs anyway
Russia and China will not allow DeFi unless it used for government backed trade deals
The mainstream media will not tell you this
With Russia having a GDP the size of Florida I don’t think economic sanctions are an effective way to punish them. Sentiment in Russia has been changing since the 90’s and most people look back at the USSR and Stalin with great fondness now. Putin is motivated by the idea of bringing back the USSR under the Russian Federation far more than he cares about his peoples’ ability to afford living. Starting a war right out of a pandemic with rapid inflation shows that to me
@@kikifisselstein7322 Was that the same case for Crimea in 2014? I’m amazed that you really think NATO would want to invade Russia. Besides Ukraine is a sovereign nation and has a right to chose who to align with. After the shit that Stalin put their people through and the land they lost because of Chernobyl it’s not hard to see why Ukraine has no desire to align with Russia
@@kikifisselstein7322 lol thats a special brand of stupid. US does not need Ukraine as a staging ground to invade Russia.
The US easily wins a conventional war. However most people understand it would never stay a conventional war.
@@theyux1 I think this person has to be trolling. There is no way you can be that on your knees for Putin. “They’re allying to create a puppet state of democracy so we need to uproot their government and install our puppet government” ok
Putin didn’t want war. He thought NATO would be too hapless to get involved and he could scare Ukraine into being a puppet, but misjudged everything.
Just because someone does something doesn’t mean it’s a smart move. The fact that most of his wealth is probably outside Russia, this is likely going to hurt him.
Oh please the economy in Russia is much larger than Florida.
Thanks so much for this analysis. It clarified a lot for me.
There is a lot of hypocrisy in relation to Putin. As always, big capital looks only at its own interests, so there is no exclusion of Russia from SWIFT, also Russian airlines should be grounded for all international flights, but this is clearly not going to happen. Russia should be completely isolated, but this is more than obviously not in the interests of big capital, and Putin is certainly aware of that.
@@strange-universe Reserves would last until april according to some articles incase of a shutoff but the finacial cost to the average european would be huge yes.
@@Jester-rm9ox They have almost $700 billion in central bank reserves enough for 2-4 years of total isolation from the entire global banking system including China.
What do you think about the Russians who RIGHT NOW are protesting against the war in Ukraine? How will disconnecting from SWIFT and isolating the country affect them? Or do you not care? Then how do you differ from the bandits in the Kremlin?
@@Uncower95 someone has to stop this crazy murderer - will the Russian opposition do that? And when? Meanwhile, every minute soldiers and civilians are dying in an unnecessary war in Ukraine.
@@anomanderrake3593 they bombed Yugoslavia with depleted uranium bombs and forcefully separated Kosovo from it too, but everyone seems to forget that.
Yeah I get it. It's more important to protect banker and financiers than innocent civilians. Milton Friedman would be proud.
Why not Magnitski sanction Putin and his ministers?
Has been done over and over again since the 2008 Georgian conflict. But they avoid Putin since doing it to a sitting president is equivalent to launching a formal declaration of war on the country. Also, it cuts off all avenues to any kind of talks, while not really accomplishing anything since he has no traceable personal assets in the EU or US.
@@MuantanamoMobile "..since doing it to a sitting president is equivalent to launching a formal declaration of war on the country." WHY? its not a war at the country but to a person in the country. Explain? Magnitsky act should anyhow be inforced by all countries in the world. Today its not so a very few have done it...
Just excellent information. Some of the information here is critical to understanding the interconnection of Russia with the banking system.
Fantastic!
Are blockchain and fin tech cryptos an alternative to SWIFT for messaging and transferring monies? If so then China and Russia may be in a position to by pass the Western system of banking and finance in ways that are huge. It would be interesting to see Patrick discuss this as a yes, not way, maybe.
They are alternative, but countries like China and Russia will never use them since they can not controle them. Gives to much of the controle and power away.
@@lukask4498 actually Chinese government has got cryptocurrency please research first Digital renminbi (Chinese: 数字人民币; also abbreviated as digital RMB and e-CNY), or Digital Currency Electronic Payment (DCEP, Chinese: 数字货币电子支付; pinyin: Shùzì huòbì diànzǐ zhīfù), is a central bank digital currency issued by China's central bank, the People's Bank of China
We Chinese already moved away from dependence on other countries in the future if you want to trade with China things have changed we breaking America reserve currency
Xrp?
@@firstname2072 Let the SEC sleep. lol
@@lukask4498 Their oligarchs will find the alternatives useful. as much as they found SWIFT compliant.
great stuff thanks
I thought they wanted to cut Russia from Taylor swift...
More uploads pls
Better than Netflix
Interesting 🤓🤓🤓
When you don't stand up to a bully, you are condoning his actions. There will be pain for everyone in the future
You said swift doesn’t transfer the money, just information about the money.
If it doesn’t transfer the money, what does? I thought the financial institutions just had ledgers and when they got a message of a transfer on SWIFT they just updated the ledgers (e.g. the ones and zeros in a computer).
SWIFT sends payment instructions and confirmations, but the actual money is transferred by central bank RTGS systems. RTGS stands for Real-time gross settlement. These systems are usually operated by central banks as they are critical infrastructure . RTGS settlement is settlement is immediate and irrevocable.
Cutting Russia off from SWIFT wouldn't be a punishment it would be a reward! Having just done some international bank transfers today 🤣
The Europeans wish they could do that and survive without russian gas and oil lol
@@jcd776 Not just gas, but also numerous key natural resources and agricultural exports. The entire territory of the country is flush with numerous precious metals and minerals used in Global industry being the main source for resources like titanium and ranking among the world's leading producers of iron ore, nickel, diamonds, coal, palladium, aluminium, uranium, gold, and platinum. According to some estimates, it accounts for almost 14% of the world's total mineral extraction.
Also, Ukraine's own economy would collapse since Russia is their largest export partner, given that the EU trade zone excludes many of their products from import (due to competition with local products), leaving the EU to have to subsidise the Ukrainian economy.
@@MuantanamoMobile Ukraine has special trade status with the EU, they are part of the extended tradeing zone.
@@Radu93Z Look at the terms of the agreement, the trade is currently mostly one-sided, since as of 2020. Ukraine accounts for 1.2 % of EU exports of goods (over €24.2 bn in 2019), but barely registers on the EU imports list with the US, China and even Russia having larger percentages.
@@jcd776 they sure can. prices will go up, but there is no dependance of the EU on russian energy.
Which are the countries that do not or can not use SWIFT? N.Korea, Cuba…Iran..?
Now lets talk about sanctions on the US for their invasion of Syria.
And when is the US planning to do that?
Rich People think you win a fight by messing with a Bad Guy’s money. There are Bad Guys who don’t care about the money, they just want to win the fight.
Unfortunately, all European countries are governed by the USA and do not have their own opinion. If European countries would think with their own heads, nothing would happen
Very helpful, Patrick, thank you for putting this out there.
So being cut of from Swift have the same effect as BREXIT
😂😂😂😂😂
thanks for the video
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What do you think of them using xrp instead?
hhahahahhaha the silly westerns really think that can broke Russia! hahahhahahahaha
@@art_means_artificial Russia are complete pussies lol
@@firstname2072 frequent price fluctuations.
@@userre85 what?
They would use gold as
The US is afraid that USD will no longer be the reserve currency if the swift sanction is passed. Guess, Brandon doesn't realize that sooner or later at least blockchain currency will take over
LOL. Not going to happen.
@@GowthamNatarajanAI Lol - yes it is
@@vincent21212 No it won't. USD will be reserve currency and the most used currency for several decades. Nothing is even close to USD. And no major country will use Bitcoin.
Crypto can’t be used as currency because it fluctuates too much in price. They’re investments with no underlying value, not a currency. The only people who think crypto will take over as a currency are people who learned about economics and finance from people selling crypto.
So you are the Brandon??