[HN Gopher] Full consensus for disconnecting Russia from SWIFT a... ___________________________________________________________________ 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] ___________________________________________________________________ (page generated 2022-02-26 23:00 UTC)