[HN Gopher] Full consensus for disconnecting Russia from SWIFT a...
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Full consensus for disconnecting Russia from SWIFT achieved,
process has begun
Author : grecy
Score : 78 points
Date : 2022-02-26 22:24 UTC (35 minutes ago)
(HTM) web link (www.uawire.org)
(TXT) w3m dump (www.uawire.org)
| worik wrote:
| About time.
|
| Now stop buying Russian oil.
|
| If they are serious. Are they?
| gedy wrote:
| Given they've had 8 years warning, no, probably not
| ukraineally wrote:
| >Now stop buying Russian oil.
|
| This is precisely what will happen. How do you buy russian oil
| if you cannot transfer money to Russia?
|
| That's what SWIFT removal does. Effectively means Russia cannot
| import or export anything. China has made 1 exception, they
| will still import russian wheat and that's it.
| quenix wrote:
| Russia has previously stated that they would take this as an act
| of war [0]. Troubling.
|
| [0]: https://russiabusinesstoday.com/economy/russia-would-
| conside...
| Gatsky wrote:
| Invading Europe is unlikely to restore SWIFT access.
| endymi0n wrote:
| Which they are entitled to -- but effectively their alternative
| here would be retaliating against half the world. Which in a
| non-military way is effectively what the world wants, as it
| will hurt Russia just a bit more than everyone else on their
| own. And if they wage war on half the world, good luck to them.
| toyg wrote:
| Good luck to all of us.
| nxmnxm99 wrote:
| The west isn't half the world. It's an increasingly/rapidly
| less geopolitically formidable corner of the world. The US is
| far less frightening than it's been at any point since WW2.
|
| Americans think the entire world is against Russia. It's only
| Europe and the US. South America, Africa, Asia and the Middle
| East don't really care and aren't going to "#PrayForUkraine".
|
| Hell even marginalized people don't really care. The typical
| American Muslim is on Russia's side in all this after seeing
| sanctimonious Europeans and Americans invade their countries
| for decades with rationale weaker than the Kremlin's.
|
| This is decades of pseudo-colonial Western foreign policy
| coming home to roost, and a few sanctions aren't going to
| stop it.
| redisman wrote:
| Russia had said a lot of things. If you take everything at face
| value you'll simply be conquered.
| [deleted]
| yalogin wrote:
| Can someone with knowledge explain what this means for European
| countries that buy gas, oil and other goods from Russia. I am
| guessing they still want the essentials. Are those purchases not
| done through swift? That bring up another question, are purchases
| from one country to another done through the regular banking
| system?
| mytailorisrich wrote:
| They've only blocked some Russian banks from SWIFT.
|
| They probably want to still be able to pay for gas and be paid
| for exports...
| omosubi wrote:
| The articles I've seen about this say it's a significant move,
| but what exactly will it mean for Russia and its economy? Will it
| also impose costs on western economies? What exactly are those?
| jlduan wrote:
| It is a cross-border banking system, widely used to do
| international transactions.
| endymi0n wrote:
| It's gonna be tough. Germany was opposed to the measure for a
| long time not just because they wanted to play softball, but
| because it effectively meant saying good bye to up to 55
| billion dollars of credit.
| rwaksmunski wrote:
| West will pay more for energy, Russia's economy will get rekt.
| pruski wrote:
| I'm more than happy to pay more for energy if that's the
| price of peace
| neilwilson wrote:
| It will have next to no effect on Russia because they have
| their own currency and, unlike Iran, are not dependent upon
| imports.
|
| The fantasy of the dollar hegemony is a western myth. They are
| about to find out that they are completely irrelevant.
|
| If nobody is selling anything to you then you don't need to
| settle in foreign currencies.
|
| However Russia could demand roubles in payment for its gas and
| then ban foreigners from holding them. Which would mean the EU
| couldn't settle its gas bill.
|
| And we all know what happens when you fail to pay the gas bill.
| the_duke wrote:
| Can someone familiar with the banking system chime in here?
|
| The announcements say that only selected banks are targeted.
| Won't they just funnel transactions through other banks that are
| not banned?
|
| I also read that the previously announced sanctions on banks have
| lots of loopholes. Is that accurate?
|
| The central bank restrictions seem more impactful. Will they
| actually prevent Russia from liquidating their foreign currency
| reserves? Or can they also circumvent this by going through other
| countries like China?
| rwaksmunski wrote:
| SWIFT disconnection is the WMD in the finance world. If you are
| American, imagine not being able to use ACH or checks anymore.
| RWejlgaard wrote:
| pavlov wrote:
| The US and EU are also placing sanctions on the Russian central
| bank. Experts quoted by the Financial Times seem to believe that
| this is more impactful than the SWIFT disconnect:
|
| _'Josh Lipsky, a former IMF adviser now at the Atlantic Council
| think-tank, said earlier the US imposing sanctions on the Russian
| central bank would be an "extraordinarily significant and
| damaging move to the Russian economy"._
|
| _'"A G20 central bank has never been sanctioned before. This is
| not Iran. This is not Venezuela. So to shut off their central
| bank from the international financial system, or at least the
| dollar and euro economy, is a massively destabilising move
| potentially," said Lipsky._
|
| _'Edward Fishman, a former US official now at the Center for a
| New American Security, said it would present a "devastating blow"
| to the Russian economy that would eclipse the significance of a
| ban on Swift.'_
| ukraineally wrote:
| https://twitter.com/zelenskyyua/status/1497340787280920581?s...
|
| Macron had the wonderful pleasure of being the one to tell hero
| president zelensky.
| rad_gruchalski wrote:
| I find it really distasteful from Twitter that they still put
| up this screen nagging to sign in, and preventing reaching this
| important information.
|
| Twitter - you end up like Facebook. Blocked on the router. Bye.
| aprdm wrote:
| Yet is where the information is. Twitter and Reddit have been
| very valuable in this war, annoying patterns aside.
| [deleted]
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(page generated 2022-02-26 23:00 UTC)