Tag: SWIFT

BRICS payment system will replace SWIFT in new ‘non-Western world’

Via RT

The continent will be part of a multipolar world with completely new economic relations, Igor Morozov has told RT  © Getty Images/THEGIFT777

The unipolar world is collapsing and a multipolar world is being formed with the participation of Africa, where a newly-minted middle-class will drive consumer demand in the near future, the head of the Coordinating Committee for Economic Cooperation with African Countries (AFROCOM), Igor Morozov told RT on Friday.

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A Few Comments About That Big ‘SWIFT’ Threat

Via Sovereign Man

Well, it looks like western leaders are finally starting to put on their big boy pants.

For the first few days after Vladimir Putin’s invasion of Ukraine, most governments offered nothing but harsh words… and the obligatory thoughts and prayers.

Now every organization in the world seems to be chipping in to punish Putin over this invasion. Even the International Judo Federation has removed Putin as its honorary president.

Not to be outdone, World Taekwondo (which until recently was known as the World Taekwondo Federation, but then changed its name due to connotations about its initials) stripped Putin of the honorary 9th degree black belt they awarded to him in 2013.

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Removing Russia from SWIFT – The Nuclear Option

Guest Post by Martin Armstrong

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is employed by over 11,000 institutions across 200 countries and serves as the messaging domain for financial institutions to exchange funds. This crucial tool was implemented to replace the Teleprinter Exchange, known as Telex, back in 1973 as the Telex system became technologically obsolete. SWIFT has also become a leverage tool for sanctions as the United Nations and member states may limit access to the network to enforce international law. Continue reading “Removing Russia from SWIFT – The Nuclear Option”

De-Dollarization Accelerates: Russia Launches SWIFT-Alternative Linking 91 Entities

Tyler Durden's picture

Submitted by Tyler Durden on 02/18/2015 20:55 -0500

Back in 2013, The NSA was first exposed for secretly ‘monitoring’ the SWIFT payments flows. This appears to have been among the last straws for Russia (and others) as far as both NSA spying and dollar domination.

Last year, following threats to remove Russia from SWIFT by the UK, (which SWIFT rapidly distanced its ‘independent-self’ from), Russia (and China) announced plans to create its own de-dollarized version. In November, Russia detailed the SWIFT-alternative’s launch date around May 2015, and just last month, Medvedev warned of “unlimited reaction” if Russia was cut off from the SWIFT payments system.

So the news this week that Russia has launched its own ‘SWIFT’-alternative, linking 91 credit institutions initially, suggests de-dollarization is considerably further along than many expected (especially as Russia dumps US Treasuries at a record pace).

 

As Sputnik News reports,

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