US, EU, UK agree to remove selected Russian banks from SWIFT

We did it. Cyprus confirmed it will not block the decision to ban Russia from SWIFT. Ukrainian diplomacy keeps working 24/7 to achieve important decisions and protect Ukraine from Russian invaders.

— Dmytro Kuleba (@DmytroKuleba) February 26, 2022

COGwriter

The Associated Press reported the following:

US, EU, UK agree to remove selected Russian banks from SWIFT

February 26, 2022

WASHINGTON (AP) — The United States, European Union and United Kingdom on Saturday agreed to block “selected’ Russian banks from the SWIFT global financial messaging system and to impose ”restrictive measures” on its central bank in retaliation for its invasion of Ukraine.

The measures were announced jointly as part of a new round of financial sanctions meant to “hold Russia to account and collectively ensure that this war is a strategic failure for (Russian President Vladimir) Putin.” The central bank sanctions restrictions target $600 billion in reserves that the Kremlin has at its disposal.

Saturday’s move includes cutting key Russian banks out of the SWIFT financial system, which daily moves countless billions of dollars around more than 11,000 banks and other financial institutions around the world.

The disconnection from SWIFT announced by the West on Saturday is partial, leaving Europe and the United States room to escalate penalties further later.

Announcing the measures in Brussels, EU Commission President Ursula von der Leyen said would push the bloc also to “paralyze the assets of Russia’s Central bank” so that its transactions would be frozen. Cutting several commercial banks from SWIFT “will ensure that these banks are disconnected from the international financial system and harm their ability to operate globally,” she added.

“Cutting banks off will stop them from conducting most of their financial transactions worldwide and effectively block Russian exports and imports,” she added.

Getting the EU on board for sanctioning Russia through SWIFT had been a tough process since EU trade with Russia amounted to 80 billion euros, about 10 times as much as the United States, which had been an early proponent of such measures.

Germany specifically had balked at the measure since it could hit them hard. But Foreign Minister Annalena Baerbock said in a statement that “after Russia’s shameless attack … we are working hard on limiting the collateral damage of decoupling (Russia) from SWIFT so that it hits the right people. What we need is a targeted, functional restrictions of SWIFT.” https://apnews.com/article/russia-ukraine-business-europe-european-union-704b3b6678c5d23bd05482c89a0384d2

Apparently, the fact that Ukraine was still in place about two days after Russia’s invasion, plus the realization of what has been happening, was enough to get Europeans, Brits, and Americans to decide to reduce Russia’s access to SWIFT.

Not only will this cause Russia (and Europe) problems, it will also be another blow to USA dollar dominance in the world.

Russia already has its own replacement for SWIFT in place. Which, will not truly replacing SWIFT in most international markets, means that internally, Russia can keep handling financial transactions.

Additionally, Russia previously made deals with China to bypass SWIFT.

Furthermore, India has been looking at ways to purchase and sell to Russia without SWIFT:

February 25, 2022

India is exploring ways to set up a rupee payment mechanism for trade with Russia to soften the blow on New Delhi of Western sanctions imposed on Russia – including a potential expulsion from SWIFT – after its invasion of Ukraine, government and banking sources said.

Putting its own national interest first, Indian officials are concerned that vital supplies of fertilizer from Russia could be disrupted as sanctions intensify, threatening India’s vast farm sector. Russia and Belarus usually account for nearly a third of India’s total potash imports. It would not be feasible to replace them amid a rally in fertilizer prices to a record high, a senior industry official told Reuters.

Officials said the plan was to get Russian banks and companies to open accounts with a few state-run banks in India for trade settlement, a banking source involved in the discussions said.

“This is a proactive move assuming that the conflict escalates and there could be a slew of sanctions in place,” the Nikkei source said. “In this case we would not be able to settle the transaction in dollars and so an arrangement has been proposed to set up a rupee account, which is being considered.”

Funds in such accounts act as a guarantee of payment for trade exchanged between two countries, while the parties barter commodities from each other to offset the sum, the source said.

A similar arrangement, in which part of the settlement with Russia is in foreign currency and rest is through local rupee accounts, was also being explored, said the banking and the government source. https://www.zerohedge.com/economics/india-exploring-rupee-payment-mechanism-trade-russia

Ukraine wants Russia cut off from SWIFT. The Europeans and Americans have been wary.

Notice:

What is Swift?

Swift (the Society for Worldwide Interbank Financial Telecommunication) is the main secure messaging system that banks use to make rapid and secure cross-border payments, allowing international trade to flow smoothly. It has become the principal mechanism for financing international trade. In 2020, about 38 million transactions were sent each day over the Swift platform, facilitating trillions of dollars’ worth of deals.

Who owns Swift?

Swift, founded in the 1970s, is a cooperative of thousands of member institutions that use the service. Based in Belgium, it remains neutral in trade disputes, being run principally as a service to its members.

Why would a Swift ban be so serious?

Boris Johnson told MPs it would harm the Russian economy if it were locked out of Swift. Run-of-the-mill transactions would need to be conducted directly between banks, or routed through fledgling rival systems, adding to costs and creating delays.

Why is the US reluctant to implement a ban?

One reason is that the impact on Russian businesses might not be so serious. The head of a large Russian bank, VTB, said recently he could use other channels for payments, such as phones, messaging apps or email. Russian banks could also route payments via countries that have not imposed sanctions, such as China, which has set up its own payments system to rival Swift. A ban on Russia using Swift could accelerate a the use of China’s rival Cips system. There is also a fear that it could damage to the US dollar’s status as the global reserve currency, and accelerate the use of alternatives such as cryptocurrencies.

Would a Swift ban affect other countries?

The Biden administration is also concerned that a ban could harm its allies as much as it does Russian firms. https://www.theguardian.com/technology/2022/feb/24/what-is-swift-international-payments-network-russia-sanction

Yes, SWIFT restrictions will have consequences.

Notice also the following about SWIFT and some of Russia’s concrete steps to prepare for being cut off from it:

December 14, 2021

Sadly, most Americans simply do not care about Ukraine, Russia’s military preparations for war, or pretty much anything else that is happening on the other side of the globe. But over in Russia, things are completely different. There is constant talk about the potential for war with the west, and there is a lot of pessimism that it will be able to be avoided. …

The only way that Vladimir Putin will ever authorize an invasion of Ukraine is if one of his strategic “red lines” is crossed.

But instead of easing tensions and trying to talk things out, western leaders just keep provoking Russia.

If they keep on recklessly poking the bear, at some point a mistake will be made and we will have a war that nobody wants. … war with Russia just got even closer…

Despite the fact that Vladimir Putin has said that such a move would cross one of his “red lines”, Ukraine was just told that it will eventually be allowed to join NATO…

Facing a building threat from Russia, Ukraine’s president sought security guarantees from NATO’s chief in a meeting on Thursday and came away with a renewed commitment that his country could eventually join the military alliance despite stiff objections from its Russian neighbors. …

Banks in Belarus are preparing to switch to Russia’s version of SWIFT due to imminent sanctions by the west…

Belarusian banks are preparing for tougher Western sanctions by signing up to Russia’s alternative to the SWIFT, the international financial messaging network that underpins the global banking system, Russia’s Moskovsky Komsomolets tabloid has reported.

Russia’s System for Transfer of Financial Messages (SPFS) has more than 400 domestic users — practically every licensed Russian lender — but is used by only 38 banks from nine other countries. Developed in 2014, SPFS is designed to keep banking transactions in the event of Western sanctions disconnecting Russia from SWIFT. 12/16/21 http://theeconomiccollapseblog.com/7-signs-that-war-with-russia-just-got-even-closer/

Belarusian banks are preparing for tougher Western sanctions by signing up to Russia’s alternative to the SWIFT, the international financial messaging network that underpins the global banking system, Russia’s Moskovsky Komsomolets tabloid has reported.

Russia’s System for Transfer of Financial Messages (SPFS) has more than 400 domestic users …

Denis Baryshkov, who heads the Russian Central Bank’s national payment system development and regulation division, said Belarusian banks have integrated with SPFS and will start using it in 2022, according to Moskovsky Komsomolets.

“It can be said that Belarusian banks have already begun to prepare for disconnection from the international payment system,” the tabloid wrote.

While Russia’s SPFS can be three times cheaper than SWIFT, the network itself is only operational during weekday working hours and its messages are limited to 20kb in size. SWIFT, meanwhile, works 24/7 and allows 10mb to be transmitted across its network. https://www.themoscowtimes.com/2021/12/14/belarus-banks-readying-for-swift-shutdown-reports-a75808

So, Russia has been preparing.

As India’s efforts help demonstrate, this is not a good sign for the USA dollar.

That being said, the willingness of the Europeans to implement restrictions to Russia over SWIFT does demonstrate that Europe has gotten more serious about what is happening in Ukraine. There will be military and other ramifications as well, consistent with biblical prophecies (cf. Revelation 13:3-4; Daniel 11:25;39-43).

Some items of related interest may include the following:

Russia and Ukraine: Their Origins and Prophesied Future Russia in prophecy. Where do the Russians come from? What about those in the Ukraine? What is prophesied for Russia and its allies? What will they do to the Europeans that supported the Beast in the end? There is also a video sermon available: Russia in the Bible and in Prophecy as are two video sermonettes Russia, Ukraine, Babylonian Europe, and Prophecy and Ukraine in Prophecy?
Is Russia the King of the North? Some claim it is. But what does the Bible teach? Here is a link to a video, also titled Is Russia the King of the North?
Ezekiel 38: For Russia & Iran in Our Day? Is Ezekiel 38 about to be fulfilled? Are we close to the battle with Gog and Magog? Three related videos are available: Ezekiel 38 Gog and Magog War: Is it Soon?, Ezekiel 38: For Russia, Ukraine, & Iran Now?, and Russia, Iran, Syria, & the Bible (Code).
The End of US Dollar Dominance Is the USA losing its economic status? What about the petro-gold-yuan? A related video is also available: US Dollar being challenged by Gold-Petro-Yuan.
The Plain Truth About Gold in Prophecy. How Should a Christian View Gold? What do economists and the Bible teach about gold? Gold and silver may drop in value. Inflation/deflation? What do Christians need to know about gold? A video of related interest may be: Germany, Gold, and the US Dollar.
Gentile Cryptocurrency Proposal Two Russian leaders have called for a BRICS-wide and/or EAEU-wide cryptocurrency. This is hoped to be used to replace the US dollar for international trade. BRICS stands for Brazil, Russia, India, China, and South Africa. The BRICS nations represent 3.6 billion people. The EAEU includes Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. Will Gentiles rise up? Are there any prophetic ramifications of what these nations are looking to do? This is a video.
USA in Prophecy: The Strongest Fortresses Can you point to scriptures, like Daniel 11:39, that point to the USA in the 21st century? This article does. Two related sermon are available: Identifying the USA and its Destruction in Prophecy and Do these 7 prophesies point to the end of the USA?
Who is the King of the West? Why is there no Final End-Time King of the West in Bible Prophecy? Is the United States the King of the West? Here is a version in the Spanish language: ¿Quién es el Rey del Occidente? ¿Por qué no hay un Rey del Occidente en la profecía del tiempo del fin? A related sermon is also available: The Bible, the USA, and the King of the West.
Anglo – America in Prophecy & the Lost Tribes of Israel Are the Americans, Canadians, English, Scottish, Welsh, Australians, Anglo-Saxon (non-Dutch) Southern Africans, and New Zealanders descendants of Joseph? Where are the lost ten-tribes of Israel? Who are the lost tribes of Israel? What will happen to Jerusalem and the Jews in Israel? Will God punish the U.S.A., Canada, United Kingdom, and other Anglo-Saxon nations? Why might God allow them to be punished first? Here is a link to the Spanish version of this article: Anglo-América & las Tribus Perdidas de Israel. Information is also in the YouTube sermons titled Where are the Ten Lost Tribes? Why does it matter? and British are the Covenant People. A short YouTube of prophetic interest may be: Are Chinese threats against Australia for real?
Will the Anglo-Saxon-Celtic Nations be Divided and Have People Taken as Slaves? Will the lands of the United States, United Kingdom, Canada, Australia, and New Zealand be divided? What about Jerusalem? What does Bible prophecy teach? Are there non-biblical prophecies that support this idea? Who will divide those lands? Who will end up with the lands and the people? Here is a link to a video titled Will the USA and other Anglo-nations be Divided and Their People Made Slaves? Here is a related item in the Spanish language ¿Serán divididas las naciones anglosajonas?
British are the Covenant People What do ‘British’ and ‘Britain’ mean in Hebrew? Are the descendants of the Anglo-Saxons people of the covenant? Does the British royal family connect to the throne of David? What does the Bible teach? What does history show us? Is there any DNA evidence related to British-Israelism? When did Christianity make it to the British Isles? Could Jeremiah have made it to the British Isles? What type of Christians made it to the British Isles? Did the last King of England believe in British Israelism?
Does God Have a 6,000 Year Plan? What Year Does the 6,000 Years End? Was a 6000 year time allowed for humans to rule followed by a literal thousand year reign of Christ on Earth taught by the early Christians? Does God have 7,000 year plan? What year may the six thousand years of human rule end? When will Jesus return? 2028 or or 2031 or 20xx? There is also a video titled 6000 Years: When will God’s Kingdom Come? Here is a link to the article in Spanish: ¿Tiene Dios un plan de 6,000 años?
Might the U.S.A. Be Gone by 2028? Are there prophetic reasons to believe that the USA will not last two complete presidential terms? Yes. There is a tradition attributed to the Hebrew prophet Elijah that humanity had 6,000 years to live before being replaced by God’s Kingdom. There are scriptures, writings in the Talmud, early Christian teachings that support this. Also, even certain Hindu writings support it. Here is a link to a related video: Is the USA prophesied to be destroyed by 2028? In Spanish: Seran los Estados Unidos Destruidos en el 2028?
The Great Tribulation: What Happens First? What events have happened? What are some events that are now happening? And what events need to happen for the Great Tribulation to start? Here is a link to a related sermon video: Counting Down to the Great Tribulation. Here is a video in the Spanish language: Contando los eventos y el inicio de la Gran Tribulación.
When Will the Great Tribulation Begin? 2022, 2023, or 2024? Can the Great Tribulation begin today? What happens before the Great Tribulation in the “beginning of sorrows”? What happens in the Great Tribulation and the Day of the Lord? Is this the time of the Gentiles? When is the earliest that the Great Tribulation can begin? What is the Day of the Lord? Who are the 144,000? Here is a version of the article in the Spanish language: ¿Puede la Gran Tribulación comenzar en el 2020 o 2021? ¿Es el Tiempo de los Gentiles? A related video is: Great Tribulation: 2026 or 2027? A shorter video is: Can the Great Tribulation start in 2022 or 2023? Here is a video in the Spanish language: Es El 2021 el año de La Gran Tribulación o el Grande Reseteo Financiero.
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European Technology and the Beast of Revelation Will the coming European Beast power would use and develop technology that will result in the taking over of the USA and its Anglo-Saxon allies? Is this possible? What does the Bible teach? Here is a related YouTube video: Military Technology and the Beast of Revelation.
Must the Ten Kings of Revelation 17:12 Rule over Ten Currently Existing Nations? Some claim that these passages refer to a gathering of 10 currently existing nations together, while one group teaches that this is referring to 11 nations getting together. Is that what Revelation 17:12-13 refers to? The ramifications of misunderstanding this are enormous. A related sermon is titled Ten Kings of Revelation and the Great Tribulation.