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US, EU Regulators Vow to Remove Russian Banks from SWIFT Netrwork

Is the Russian bank making its way out of the Swift Network?

Maybe, one might say the attack on Ukraine by Russian forces is not well coordinated. Leaders worldwide continue to announce sanctions on key individuals and institutions in Russia.

One of the latest sanctions seeks to ban by selecting Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT). This move was by the in a joint statement from the leaders of the European Commission. Further, this includes France, Germany, Italy, the United Kingdom, Canada, and the United States.

SWIFT is an inter-continent payment network that helps facilitate payment settlements made across the border. It remains a well-regulated and trusted means of moving money used in international trades and for key remittance purposes. So, following the Russian aggression on Ukraine, the leaders have chosen to cut Russia. This network has imposed economic strain. Moreover, This strain will force Vladimir Putin’s forces to call off the hostility. 

Besides severing away from SWIFT, the world leaders promised to “commit to imposing restrictive measures. It will prevent the Russian Central Bank from deploying its international reserves. It is in the ways that undermine the impact of our sanctions.”

Russian Bank Finding Solace in Digital Currencies

The broader global community is against Russia and the country will take solace in embracing digital currencies as a way to boycott these sanctions.

Moreover, Recalling the Russian Central Bank that has been pulling its weight to ban digital currencies. Also, This move is similar to the push by the People’s Bank of China last year. These nascent asset classes may be one of the most accessible options for Russians to transact with the global economy.



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