Russia and its trade partners are developing new financial systems and currencies to get around economic pressure from the West, particularly the United States and Europe. These efforts aim to reduce the world’s dependence on the US dollar and Western-controlled financial networks, allowing Russia to keep its economy running despite
After several Russian banks were barred from the SWIFT messaging system, Russian firms have started adopting the stablecoin USDT from Tether Holdings Ltd. in cross-border transactions with Chinese businesses. Following the revelation in a recent Bloomberg report that Russian commodities companies are using fiat-pegged digital currencies to conduct cross-border transactions
The Financial Times reported that a Russian court confiscated €800 million from Deutsche Bank, UniCredit, and Commerzbank. Moscow has had enough after two years of being the target of a weaponized global reserve currency, being kicked out of SWIFT, countless (toothless) sanctions, and witnessing the freezing and eventual confiscation of
According to UN spokesman Stéphane Dujarric, the UN is assisting a Russian bank with a SWIFT bypass after it was disconnected as part of Ukraine-related sanctions last year. The UN continues to work on ensuring that Russia’s requirements in the Black Sea grain deal are implemented, including the removal of
You may recall that Russia has been cut off from the SWIFT system. Now if you’re a consumer of Western legacy media, you’d likely not have heard a word on it, but the fact is that Russia was largely prepared for this and has already developed and is now using
Indians living abroad sent back $87 billion last year, the most amount of any country the World Bank has been keeping track of. With such a huge sum on the line, India is planning an alternative to SWIFT banking system whichis prone to US sanctions.
Russian finance minister says the BRICS nations should create their own SWIFT system to counter sanctions and strengthen their own national currency.
the U.S. doesn’t only project power across the globe through its massive military. It also weaponizes the U.S. dollar, using its economic dominance and its privilege as the issuer of the reserve currency as a carrot-stick tool of foreign policy.
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is the global financial system that allows immediate and secure transfers of money across borders. It is the web that verifies all financial transactions. It links 11,000 banks and institutions in more than 200 countries, with 40 million messages a day. Using SWIFT
