As a last resort to end the Russia-Ukraine Crisis, the western leaders have announced cutting off the Russian banks from SWIFT. This will make it harder for Russian companies and citizens to trade with the rest of the world.
But, what exactly is Swift? How severely will the ban affect Russia’s economy? And what’s next?
What is SWIFT?
Formed in 1973, SWIFT is a Belgium-based financial system run by its member banks and overseen by the National Bank of Belgium along the European Central bank and the U.S. Federal Reserve System. The system handles millions of daily payment instructions.
It connects over 11,000 financial institutions across more than 200 countries. However, Iran and North Korea are cut-off from SWIFT.
SWIFT routes messages with instructions from one bank to another, allowing them to know where the money should ultimately land. The system is needed because moving money from one account to another often bypasses multiple banks before landing in their final destinations, particularly foreign currency.
Davis Center for Russian and Eurasian Studies’ executive director, Alexandra Vacroux at Harvard University, says, “It doesn’t move the money, but it moves the information about the money.”
As trillions of dollars are traded between governments and companies, SWIFT sends over 40 million messages daily. 1% of which involves Russian payments.
How Will the SWIFT Ban Affect Russia?
Russia’s exclusion from SWIFT would damage the country’s economy right away and cut off the country from a wide range of international financial transactions in the long run. This includes oil and gas profits from global sales, which account for more than 40% of Russia’s revenue.
Sergei Aleksashenko, former deputy chairman of the Russian Central Bank, commented: “There will be a catastrophe on Monday.” According to the president of the European Union, Ursula von der Leyen, the decision to paralyze the assets of the Russian central bank would prevent the Kremlin from utilizing its forex reserves.
This is the toughest sanction against Moscow since its forces entered Ukraine, and it will likely have a serious impact on a country because of heavy reliance on the SWIFT platform for the payment of oil and gas exports. In the financial world, cutting a country off from SWIFT is equivalent to preventing a nation from using the Internet.
The only country to have been cut off from SWIFT prior to this was Iran. This resulted in the country losing a third of its foreign trade. At present, only some Russian banks are covered by the sanctions. However, the U.S. and its allies are holding back on the option of expanding it even further to a pan-country ban as an escalatory move.
What Does the Move Aim to Achieve?
It is expected that excluding Russian banks from the SWIFT platform will drastically impact its economy, and it will force the country to rely on telephones and fax machines to make payments.
The decision to target only some Russian banks seems intended to keep the option of further escalation open while ensuring that Moscow will suffer the maximum impact of the sanctions while preventing a major impact on European companies that deal with Russian banks for payments for gas imports. Moreover, the curbs will prevent Russia’s central bank from tapping into its forex reserves to limit the effects of sanctions.
Russia has been accumulating foreign exchange reserves since the previous round of sanctions in 2014, hitting a record high of $630 billion in January 2022. However, due to the new measures, the country’s central bank’s reserves will be significantly reduced.
SWIFT Ban: Is There an Escape?
Although there have been workarounds for SWIFT, none have proven successful. In the last seven years, the Central Bank of Russia has developed an equivalent of SWIFT, the financial transfer system designed by the World Bank. According to reports, the Russians and Chinese are collaborating on an upcoming venture to challenge SWIFT.
Moscow may use this platform to some degree to circumvent the partial ban, which could soon become a complete ban.
It may take some time for the ban to impact, but what is important is that Western nations demonstrate a firm resolve. Ukraine’s Prime Minister Denys Shmyhal said the latest economic sanctions were “a real help during this dark time.”
Russia Banned From SWIFT: Ripple Effects on the Global Economy
Blocking Russian banks from SWIFT has been fraught with difficulties.
Even as Ukraine has been urging Western nations to kick Russia off the payments system and has the backing of countries such as the United Kingdom, others, such as Germany, have been concerned about the impact on their economies and businesses.
French Finance Minister Bruno Le Maire called the SWIFT ban a “financial nuclear weapon.” He told reporters:
“When you have a nuclear weapon in your hands, you think before using it.”
Despite the multiple ways in which geopolitical tensions between Russia and Ukraine can negatively affect the international economy, including tighter global financial conditions, increased uncertainty, and a weakening of global demand, higher commodity prices, especially oil, are the most important transmission channel.
To the peoples of the world: Israel is Carrying out a holocaust against Palestinian families
Yes, Israel is not sending Palestinians to gas chambers. But Israel is bringing Auschwitz and Mauthhausen to Palestinian homes, neighborhood, hospitals and mosques.
The title of this brief article is not a hyperbole or a dramatic overstatement meant to attract attention or gain sympathy. It is rather a reflection of reality.
Indeed, if a holocaust is about annihilating people, especially civilians and Palestinian families, the Israeli army, the Wehrmacht of our time, has been exterminating entire Palestinian families-the father, the mother and all the children.
We are not speaking about one isolated incident or a few incidents where one stray missile hit a home inadvertently or children killed as a result of collateral damage.
We are rather talking about carrying out a real holocaust against Palestinian families, an official policy endorsed and pursued by the government of Israel to wipe out numerous Palestinian households for the purpose of bringing the Palestinians to their knees.
This is Israel’s way of wreaking shock and awe on the defenseless and helpless Palestinians.
So far, more than 25 thousand entire Gaza households have been targeted by Israeli bombing. More than 12 thousands have been killed half of them are children and women.
Just imagine your own family being annihilated by a missile launched from high altitude. This nightmare has effectively become a routine experience in Gaza.
Israel today is emulating the Nazis and other criminal offenders throughout history. Don’t invoke the mantra of anti-Semitism. In the final analysis, when Jews think, behave and act like the Nazis thought, behaved and acted, they (the Jews) become Nazis themselves, pure and simple.
Yes, I do recognize there are many kind-hearted Jews who reject this Nazi-like savagery. None the less, we must call the spade a spade. These atrocities are being enthusiastically supported by the vast majority of Israelis, including ordinary people, intellectuals and rabbis. Israel-2023 does have much in common with Nazi-Germany. Claiming otherwise would be both dishonest and malicious.
Israel, a notorious professional liar whose agents control western media outlets from Sydney to California, is misleading the international community as to what is really happening in the Gaza Strip.
A regional military superpower thanks to unrestricted American backing and support, Israel is simply waging a war of extermination against a thoroughly persecuted people whose only “crime” is its enduring vigor and longing for freedom from the shackles of Talmudic Jewish Nazism, a Satanic ideology which views all humanity-save Jews-as animals whose lives have absolutely no sanctity.
There is no doubt that the ongoing Israeli rampage of murder and terror is an expression of that genocidal Talmudic mentality. It is a mindset that is even more nefarious than the Nazi ideology.
We Palestinians have been at the receiving end of Jewish criminality and murderousness for several decades. We know it too well and need no one to give us lectures on “Israel’s civility and humanity”
In the final analysis, a country that murders thousands of children and other innocent civilians rather knowingly and deliberately in order to create deterrence is neither civilized nor humane. It is tantamount to fornicating with truth to call Israel humane and civilized.
The truth of the matter is that Israel is a diabolical Judeo-Nazi entity that has much in common with the Third Rich.
Yes, Israel is not sending Palestinians to gas chambers. But Israel is bringing Auschwitz to Palestinian homes, neighborhoods and streets. Israel is carrying out a real holocaust against innocent Palestinian families.
This is not really a war. War is fought between armies. The Palestinians don’t have an army, or navy or air force. The Palestinians simply can not protect their own children from overwhelming barbarianism, played out in full view of the entire world.
Yes, there have been projectiles fired on Jewish colonies from the Gaza Strip, but these projectiles are essentially innocuous from the military view point as evident from the nearly zero casualties incurred by Israelis.
Indeed, when there is one dead on one side and 300 on the other side, including 50 children and babies, in addition thousands of maimed civilians and swathes of pornographic destruction of property, we are not really talking about war, even an asymmetrical war. We are actually talking about a real massacre, a massacre that is reminiscent of the time when the Nazis ganged up on European Jewry 70 years ago.
This very real massacre, holocaust, wouldn’t have been carried out had it not been for the flaccidity and leniency and silence displayed in Israel’s face by the bulk of the international community.
This is not to mention the connivance, collusion and conspiratorial roles played by several criminal states and governments, including the United States, a majority of European governments and especially the whore-like Sissi regime in Cairo which is shamelessly and brazenly siding with Israel against the Palestinian people.
But never mind, another massacre, another blitzkrieg, another conspiracy won’t finish our people off. It is our kismet that we must die in order to survive.
But those in Washington and London and Cairo who are watching rather passively, probably gleefully, as our children are being incinerated and murdered at the hands of the children, grand children and great-grand children of the holocaust, will one day pay the price for their murderous complicity and ignominy.
We will not forgive or forget.
Israel: A criminal state par excellance
In its exaggerated self-infatuation and excessive narcissism, Israel, a criminal state par excellence, often claims it is light upon mankind.
Zionist Jews, who falsely claim allegiance to the prophetic traditions of ancient Israel, are actually mostly atheists.
In fact, Zionism has more in common with the most infamous paragons of evil throughout history than with such Hebrew luminaries as the Prophet Moses, Aaron, Jacob, Joseph, David, and Solomon.
Indeed, ever since its misbegotten birth in 1948, a birth fraught with crimes against humanity, Israel’s modus operandi has been an uninterrupted series of atrocities, oppression, persecution, inequity, and racism.
Thus, Israel, A criminal state par excellence, is also a great falsifier of truth, history by claiming a higher moral ground vis-à-vis the Palestinians, its largely-unwept victims who are still crying to the seventh heaven for justice.
Israel is already starving and tormenting 1.6 million Gazans, denying them food, clean water, and other necessities of life. The 17-year draconian siege is apparently meant to punish Gazans for electing Hamas which simply refuses to recognize Israel for religious and moral reasons. The international community sought to overlook Israel’s real crimes against humanity inflicted repeatedly on some two million helpless Palestinians languishing under a N-a-z-i-like siege imposed and maintained by Israel.
Israel portrays herself as a beacon of light in a sea of dictatorship, tyranny, and oppression,
What Israel, a criminal state par Excellance, refuses to tell the world, however, is the fact that the Jewish state through its ubiquitous tentacles in America, Europe and elsewhere to enable, shield, sustain, and support tyrannical regimes in the region such as the Sissi police state in Egypt, the feudal regimes in Saudi Arabia, UAE and Bahrain.
Israel, a notorious professional liar whose agents control western media outlets from Sydney to California, is misleading the international community as to what is really happening in Jerusalem and in the Gaza Strip.
Israel, ruled by supremacist and megalomaniac Jews who think that no country or entity under the sun has a right to criticize Israel’s appalling maltreatment of the Palestinians, believes it has an unending free season on its victims.
Those are the Nazi-minded ideologues who are indoctrinated in Talmudic Jewish supremacy and who believe that the non-Jews lives have no sanctity , those are the Talmudic thugs who believe that the Palestinians must either be expelled or massacred .
As to its victims, Israel seeks always to demonize and dehumanize them so that the world will react indifferently if not callously when Israel murders them, expels them from their homes, steals their land and property as well as demolish their homes, a nearly daily callous practice the state of the Jews carries out in the West Bank.
Israel was born in sin. It will always be a sinful state, no matter what we read in the New York Times and the Washington Post or what we see on CNN and Fox News.
World passively watching as Israel perpetrates open-ended massacre in Gaza
The Israeli army, which can be called the Jewish Wehrmacht given its Nazi-like behavior, continues to pound the Gaza Strip from ground, sea and air. According to sources in Gaza, virtually all targets hit so far are civilians.
As many as 3500 Palestinians, virtually all of them civilians, have been reported killed so far. Thousands others were injured, many sustaining life-threatening wounds.
The scenes of mutilated and maimed children, some of whose bodies are seen protruding through the rubble of their homes, destroyed by missiles fired by American-supplied F-16 fighter jets, seem to verify the view that Israel is targeting Palestinian civilians in Gaza knowingly and deliberately.
Israeli leaders and military officials are openly gloating over the high death toll among Palestinian civilians. They blame Hamas for the orgy of killing. However, virtually all Palestinians don’t buy the Israeli logice.
As we all know, this is not the first time Israel indulges in such war crimes.
Israel has always been a regular perpetrator of war crimes . Indeed, one would exaggerate very little by arguing that Israel itself is a war crime or a crime against humanity.
I am not going to spend time refuting Israeli hasbara lies, blaming Hamas for the latest conflagration. Having been a vigilant observer of Israeli behavior for several decade , I can honestly argue that honesty and Israel can not really be used in the same sentence. Israel and honesty are an eternal oxymoron.
Read Also: The Myth of Israeli Democracy
As always, Israel violated the uneasy truce reached through Egyptian mediation in 2002. Israeli leaders, proceeding from the Talmudic ideology which views all non-Jews as lesser human beings or virtual animals, don’t feel bound by agreements or treaties reached with “Goyem.“
People in the west, long duped and brainwashed by Zionist propaganda, may raise they eyebrows when reading these words. But we who live with these Judeo-Nazis and have been at the receiving end of their murderousness and evilness know better.
We don’t need and won’t accept lectures about the “humanity and civility” of the N-a-z-i-s of our time.
Hamas and other Palestinian resistance groups in Gaza don’t constitute an existential threat to Israel, which has one of the strongest military machines in the world.
In fact, the claim that Gaza is threatening Israel is infinitely ridiculous. The thoroughly-starved and hermetically blockaded Gazans have a hard time feeding their children, let alone pose any meaningful threat to the N-a-z-i Germany of our time, a pugnacious state that more or less tightly controls the most powerful country under the sun, the United States.
It is sad and lamentable that a country of 320 million has allowed itself to be enslaved by Zionist pressure groups, hell-bent on prostituting America and eviscerating it of any semblance of morality for Israel’s sake.
Palestinians have resist Jewish terror
But the Palestinians can not take their very survival for granted. They can’t rely on the so-called international community to shield them against Jewish N-a-z-i-s-m.
Indeed, if the Palestinians don’t defend themselves, who is going to defend them? Obama? Merkel? Or Puten?
Hence, the valiant Palestinian determination to put up a semblance of resistance to the Jewish Wehrmacht. The Israeli assault on Gaza is not an assault on Hamas; It is rather a nefarious aggression against the entire Palestinian people. It is intended to break our people’s will to resist Israeli Nazism. Pure and simple.
To put the matter in a nutshell, the Palestinians in Gaza are simply defending themselves against an overwhelming evil force that is hell bent on ethnically cleansing them and stealing their motherland. Our fighters don’t fire their home-made missiles on Israel because they want to spill Jewish blood. They do it because this is the only means they possess to deter a cannibalistic enemy that can only feel good if and when it spills Palestinian blood.
Besides, the problem with Israel didn’t begin last week or last year.
Just remember that many of the people being now bombarded and murdered by the Jewish Wehrmacht are actually children, grand children and great grand children of the original Palestinian refugees that Israel massacred or brutally expelled out of their homes when the evil state was created in Palestine in 1948.
Hence, the Palestinians in Gaza can not really be terrorists if only because they were never the initiator of violence and terror. The Palestinians were living peaceably in their towns and villages, mostly leading a simple pastoral life until waves of Khazari Jews, who had no real connection with the ancient Israelites, invaded Palestine with the aid of Western countries, especially the evil empire, the United Kingdome.
Yes, it was Britain that put the venomous Jewish snake in the bed of the Palestinian child. Britain, as Noam Chomsky wisely said, can not claim innocence or argue that it didn’t know the snake was so poisonous.
Gaza Massacre: Surviving by dying
Today, Palestinians are sacrificing their lives for their freedom, dignity and survival. This is what they have always been doing from time immemorial. We are very much children of martyrs who were themselves children of martyrs. We survived despite a harsh history of plots and conspiracies that aimed to eradicate us as a people from the face of earth.
We in Gaza will survive the latest Israeli blitz as well
However, the world community ought to feel ashamed for watching the Nazi Germany of our time gang up on a defenseless people in Gaza whose only crime is that it is not part of “the holy tribe,”
This conspicuously immoral world , which doesn’t respect any modicum of respect, will surely have a precarious future. It will face ultimate demise.
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