What Does Being Cut Off From SWIFT Mean For Russia?
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- Опубликовано: 28 сен 2024
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The US President said on Thursday that the United States and Europe were united in their efforts to confront Russian aggression toward Ukraine with aggressive sanctions. However, there was one area where he suggested disagreement: SWIFT.
The messaging service, called the Society for Worldwide Interbank Financial Telecommunications, connects more than 11,000 financial institutions around the world. It is viewed as a potential nuclear option in the world of sanctions because, if Russia was kicked off SWIFT, the nation would essentially be severed from much of the global financial system.
But doing so would not be simple and could come with its own set of complications for countries outside Russia.
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I find the Canadian bank "crisis" most interesting !! (54'40" or FIGHT wiki)
They want to keep Russia on the SWIFT system in the end tho right? I mean If they kick them off they likely will figure out a way to process without it and eventually we lose the ability to track and use the system against them. I know nothing Im asking.
I worked at swift hq for 9 years, this is a good succinct overview of the situation
So It's ok for the west to break every law in the book, as soon a Russia do it's a sin, talk of double standards .
@@johnimg A) did you view the video and B) did you understand it
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@@trevorchristenson4022 I did invest with her and I made huge profits
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Wow...... another clear, concise, valuable explanation on current events . Thank you Patrick!
hhahahahhaha the silly westerns really think that can broke Russia! hahahhahahahaha
@@art_means_artificial good job👍, everyone is losing.
Except China
Thanks, more relevant information on banking sanctions in 7 minutes than I got in the whole 24 hour news cycle.
ANYONE - ANYONE Who watches the News needs to look and act 180 degrees opposite.. - then, one day - you'll maybe realise that what you though was your mind ISN'T yours after all
@@heroisdacrise2024 not really US wanted to cut off Russia it was the the EU who didn't want to. Because Russia is an important trade partner to the EU while for the US they aren't.
This guy is literally always on the money with his analyses.
hhahahahhaha the silly westerns really think that can broke Russia! hahahhahahahaha
@@art_means_artificial Russia is a garbage country.
Hes a professional not some idiot you-tuber
@@art_means_artificial past tense
I don't get it, they just agreed to cut off russian banks?
Damn Patrick you have officially made it on RUclips, you have bots with your picture shilling scams congrats
If I was a programmer for RUclips, it would be morbidly funny to include the bots as one of the metrics for a channel's ranking lol. This particular audience is unlikely to fall for stuff like that though... but at the same time, scammers wouldn't deploy these tactics if they never worked.
@@oriole8789 well these bots post 1.000's of posts, all you need is 1/10.000 of the people to buy into the scam and you're good so yea, they do work.
Clear ,once again. Thank you
I think you glossed over the real reason that SWIFT cutoff is being delayed, besides greed, is that this system is used to buy Russian oil and gas that Europe desperately needs.
you assume that they would continue selling to Europe if they did that. They might decide to cut them off entirely and direct their sales at other parts of the world.
5:20 He said Russia is a key energy supplier to Europe.
Correct. They may have to pay with gold. Euros. Yuan...hence auto deleting the petrodollar
......that america needs desperately!!
Level headed analysis as always. Thanks Patrick.
Thanks for a reasoned, logical, concise explanation about this "nuclear" option and why targeted sanctions probably make as much -- or more -- sense. Salute to you from a retired U.S. Navy chief petty officer enjoying retirement in the Pacific Northwest, USA!
I'd be watching the purchasing power of the rapidly worsening value of your worthless dollars
@@iansimpson6300 the USD falls ur ass is toast too, fool
@@tgd02 He did not said fall, he said worsening. US dollar has fallen steady over the years. This is a fact. You cannot alter it by getting emotional.
The question here is, would it break since USA economy depend on war and credits.
@@tgd02 I'm not american and I certainly don't have all my wealth in fiat currencies, I started buying physical gold and silver in 2010, it's now trebeled and I started buying bitcoin in 2017 when it was valued at $ 2300, so yes I may have a problem but at least I have no debt
You said swift doesn’t transfer the money, just information about the money.
If it doesn’t transfer the money, what does? I thought the financial institutions just had ledgers and when they got a message of a transfer on SWIFT they just updated the ledgers (e.g. the ones and zeros in a computer).
SWIFT sends payment instructions and confirmations, but the actual money is transferred by central bank RTGS systems. RTGS stands for Real-time gross settlement. These systems are usually operated by central banks as they are critical infrastructure . RTGS settlement is settlement is immediate and irrevocable.
as an iranian who has travelled to europe and many other countries i have to say that international money transfer is more difficult because our banks are not connected to any bank outside of iran i can't use my debit cards outside of iran and outsider debit cards can not be used in iran, payments and money transfers require a third party which makes the whole process much more expensive and sometimes much more time consuming. but at the end of the day it's possible and for the government and oil companies it's just a joke.
Finally a clear voice who can go beyond politicians narative and explain that SWIFT will affect a lot any bank with wholesale operations in Russia. The bigger de bank the bigger the loss.
You are on the money...a Godsend
Thanks for the clear breakdown Patrick!
SHAME on Germany, Italy, and Belgium!
thanks. really needed this
Because Money!
The mainstream media will not tell you this
They're cut off now, uh oh.
Amazing video as usual!
thanks for this great & informative video!
When you don't stand up to a bully, you are condoning his actions. There will be pain for everyone in the future
Thanks so much for this analysis. It clarified a lot for me.
Thanks Patrick, for another timely financial education lesson.
‘’Courage taught me no matter how bad a crisis gets ... any sound investment will eventually pay off." - Carlos Slim Helu
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They would use gold as
Man, are you well? Watching vids from months/years ago and watching the last couple shows quite a contrast in healthy appearance. Yet, keep up the good work!
S.W.I.F.T. Does the 'W' stand for Worldwide, but fully controlled by the Americans via Belgium?
Belgium was part of the B.I.C.? Quartet which were buy 20% or so of all Treasury Notes and Bonds some years back, helping to monetizing American debt?
Very helpful, Patrick, thank you for putting this out there.
Now that the EU and US have been discussing SWIFT bans for so long and failure to apply them has given Russia enough time to brace for any impacts of being banned.
True, and being too harsh on Russia with sanctions will drive Russia even more towards China like what already happened in the past. In the longer term will work against us.
@@soulflame799 I disagree here. We need to be as harsh as possible with sanctions on Russia. Make it hurt like hell.
@@innocentiuslacrim2290 Russia has enough reserves in money and gold to take the hit and that buys itself enough time to find other partners.
It also has a good self-sufficient economy, the result of past sanctions.
And lastly, Russia can sanction back because it holds key resources: energy and ore that are imperative to other countries.
The ones who will suffer the most here are the European countries, not Russia nor the USA.
Also, it's easy to put the blame on Russia when the matter is much more complex then the "good" and the "bad". It's time to dismantle the NATO and for the US to stop meddling in Europe, remove it's militairy bases and leave this matter to the European countries. This is none of the USA's business.
@@soulflame799 Stop your lies. It is "easy to blame Russia" here because they are the ones invading a sovereign nation and killing defending soldiers and civilians and jauling and torturing protesting people back home. It really is that simple.
@@soulflame799 Additionally you really are kidding yourself if you think that EU would be hit harder by Russian sanctions than Russia.
More uploads pls
Better than Netflix
Wonder how much of it is fear that too much muscle would cause Russia and other countries adapt DeFi faster as a way to have more financial freedom for international transactions for their country but maybe I don't know enough about all that is involved.... great video
I don't think the west would care considering DeFi represents giant bug bounty piñatas and wouldn't scale to Russia's needs anyway
Russia and China will not allow DeFi unless it used for government backed trade deals
Just excellent information. Some of the information here is critical to understanding the interconnection of Russia with the banking system.
great stuff thanks
With Russia having a GDP the size of Florida I don’t think economic sanctions are an effective way to punish them. Sentiment in Russia has been changing since the 90’s and most people look back at the USSR and Stalin with great fondness now. Putin is motivated by the idea of bringing back the USSR under the Russian Federation far more than he cares about his peoples’ ability to afford living. Starting a war right out of a pandemic with rapid inflation shows that to me
@@kikifisselstein7322 Was that the same case for Crimea in 2014? I’m amazed that you really think NATO would want to invade Russia. Besides Ukraine is a sovereign nation and has a right to chose who to align with. After the shit that Stalin put their people through and the land they lost because of Chernobyl it’s not hard to see why Ukraine has no desire to align with Russia
@@kikifisselstein7322 lol thats a special brand of stupid. US does not need Ukraine as a staging ground to invade Russia.
The US easily wins a conventional war. However most people understand it would never stay a conventional war.
@@theyux1 I think this person has to be trolling. There is no way you can be that on your knees for Putin. “They’re allying to create a puppet state of democracy so we need to uproot their government and install our puppet government” ok
Putin didn’t want war. He thought NATO would be too hapless to get involved and he could scare Ukraine into being a puppet, but misjudged everything.
Just because someone does something doesn’t mean it’s a smart move. The fact that most of his wealth is probably outside Russia, this is likely going to hurt him.
Oh please the economy in Russia is much larger than Florida.
They just did
Rich People think you win a fight by messing with a Bad Guy’s money. There are Bad Guys who don’t care about the money, they just want to win the fight.
Thank you so much for such a thorough explanation of the system and its reach!
Thank you for sharing this important information i wasn't aware of this
Insightful as usual.
you don’t think we have enough problems at home to deal with???!! Are we done here with Homelessness, Poverty, Hungry children, drugs, human trafficking, border control, inflation, cost of living, housing crisis??!! So we are good to get involved in others problems??! If you have a fire 🔥 in your house and you know there is a fire 🔥 10 blocks from your house, you want to tell me you will attain to shut off the fire 🔥 10 blocks from you instead of your own house???! Think about it!!
Lavi
Thanks for the advice Dimitri.
How times have changed
It will cost energy price to skyrocket in Europe. Russia already trading with Euro and Renminbi.
thanks for the video
thank you for making this clear
Thanks for translating this issue for us.
Unfortunately, all European countries are governed by the USA and do not have their own opinion. If European countries would think with their own heads, nothing would happen
Magisterial report as always. Thank you.
no IBAN for Ivan
Excellent explanation. Thank you
This is why we need a more independent system that doesn't rely on the goodwill of certain groups, including other technologies like GPS etc
The US is afraid that USD will no longer be the reserve currency if the swift sanction is passed. Guess, Brandon doesn't realize that sooner or later at least blockchain currency will take over
LOL. Not going to happen.
@@GowthamNatarajanAI Lol - yes it is
@@vincent21212 No it won't. USD will be reserve currency and the most used currency for several decades. Nothing is even close to USD. And no major country will use Bitcoin.
Crypto can’t be used as currency because it fluctuates too much in price. They’re investments with no underlying value, not a currency. The only people who think crypto will take over as a currency are people who learned about economics and finance from people selling crypto.
So you are the Brandon??
Because Russia would just use "China’s international payments system CIPS"
ThankX
Dont always agree with your analysis, but i always learn off you,ThankYou,
This was so helpful. Great content.
The new messaging system is ISO 20020.
Thank you. Informative. I subscribed.
Let the money flow…. Money 💰 always predominates…..
Europe is dependent on the Russian energy to keep warm
the thumbnail is excellent
Please do more RUclips about financial sanctions in Russia..now and going forward...would help us all .understand better thans!!!
Swift is a messaging system for banks. They don’t transfer funds. Tis slow down transactions but not stop them
Does the expression “cutting your nose off to spite your face” apply?
Thanks, that was a very clear explanation.
Problem is we were global instead of domesticate giving other countries power
why not develop a money transfer system on the blockchain, where on one can use it as weapon.
How can swift move information through ‘more than 200 countries’ when there are only 195 countries in total on earth currently?
🇺🇦 🇺🇦 🇺🇦 WILL PREVAIL!!! 🇺🇦 🇺🇦 🇺🇦 WILL PREVAIL!!! AMEN
While EU + US sanctions can harm their own economy, cutting off from Russia is a crucial move for EU for their security in the long term, even if it will not harm Russia. Russia poses main threat for EU and EU should not be dependent on Russia. Well, better late then never.
You speak as if Russia secruity is not threaten and Russia in inherit evil. A little less moral, a bit more reality can be helpful to you.
@@dutchmilk Not at all, we can replace "Evil" to "Destructive" . Ofc Russia is threaten. Everyone is threaten in this world.Reality is that, the country that is threaten the most is Ukraine by Russia. Russia started threatening Ukraine long time ago, even before NATO existed.
Guys guess what.....
Simples, Russia isn't average Canadian citizens
anyway, nato+ now has a good reason to keep the printing press going for some more years
Finally something that makes sense. But from political perspective not baning them is...
is cowardice
Slow down The Money!
Excellent.
Sorry Ukraine, we will lose to much money. You understand, independence is over rated..
It's an unwritten law that banks and 1% who own them are not allowed to loose money, no matter what is happening in the world.
Starlink and crypto, no worries.
Please more content like that.
Russia can start using Ripple instant money transfer, swift is absolute tech
Every paper cut given to RU counts
So swift is only an internet service?
Because Germany
Then Russia would start to accept other currencies rather than accept dollars, start of the end of the dollar
Never. Keep wishing.
“Would start”, we shall see, they are absolutely addicted to dollar, 80% of their daily transactions are in dollars. Judging by the face expressions of their central banker - they are in deep shit.
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this days
This vid doesn’t age well🤦🏻♂️
Great explanation. I would like to add the European dimension though. Apparently, the US was ready for this move. But, Europe blocked it. Specifically: Italy, Hungary, Cyprus (who are the most sympathetic to Russia) and most importantly ..... Germany (the energy connection).
France, Norway (my country which shares a border with Russia) as well also had reservations. Norway because it would be a declaration of war on Russia (as seen by the Russians). We don't want to be a front line for a NATO (US) EU war.
@@MuantanamoMobile it's no longer a US war I think
@@MuantanamoMobile stop saying bs. Blocking card payments is not declaration of war. Declaration of war is what russian reich is currently doing in Ukraine. Blocking swift is a minor inconvenience which you are not willing to take as thousands of people are killed in Ukraine by kremlin madman. And as it goes, you will be next. Remember this moment at that point.
@@MuantanamoMobile Gottdammit no it would n't be. This is just a sick joke of Putin. He likes to act Macho and show off. Too bad he is better in Judo (quick effective and efficient actions) than he is playing chess. He can have a vision but he can't make detailed plans to implement it perfectly. Thats why he worked well in KGB and could not work in Political Cometee.
I can imagine that Finland also may want to avoid cutting Russia off. Although Finland has a small population, it imports 100% of its gas from Russia and has no gas storage. Not to mention the direct border, which pushes them to want to avoid tension, just like Norway and Sweden.
You know things are serious when Patrick doesnt make any jokes in a video
@@heroisdacrise2024 _Citation needed_
@@heroisdacrise2024 ???
@@heroisdacrise2024 care to elaborate...
@@QuotidianStupidity USD is the world currency currently. If Russia is cut from swift, they will develops their own system over time within their border, China and other countries. Plus the amount transacted in USD will fall because Russia is not conducting business using swift (for their own needs as well as other countries). This will lessen the #1 status of the USD over time.
@@gbballpl bro. The banking sanctions has already frozen USD currency in Russia. What are you talking about
This is supposed to be a hip-hop channel.
Yeah I came here for bad boomer uses of the term "foshizzle", very disappointed. Unsubscribed until I see a patrick boyle twerk video.
Crocodile of Wall Street
@@brainletmong6302 🤣
SWIFT sanction is a one time use weapon. Once it is used Russia will use other means to do business. When a super power don't use SWIFT smaller sanctioned countries to will join Russia China and Iran's alternative. This will create an alternative to SWIFT and will speed up the erosion of USD as world reserve currency.
USD as reserve currency is the biggest weapon USA have, not there nuclear weapons.
Your comment: "SWIFT sanction is a one time use weapon." Is nonsensical, it can be withdrawn, varied and reused.
@@buildmotosykletist1987 If for example Russia started to use an alternative, even if it is withdrawn they will not go back to SWIFT 100% . May be they might completely ignore SWIFT . Withdrawing and varied use wont have the same effect as the first time use.
@@ayesh4646 : That does not make any sense. Firstly Russia can't ignore 60% of the market.
Why "... wont have the same effect as the first time use." You need to support that with some reasoning.
@@buildmotosykletist1987 But it would be stupid for countries not to use alternative. Especially when they know they can be targetted in the future. Once its used on a country as large as Russia, swift lost its credibility. Smaller countries have been sanctioned and develop alternatives but the did not get significant traction, now any one of those alternatives will.
@@abcddef2112 : How many countries are planning illegal acts ? Not many, so why would they bother with a very difficult and expensive exercise that has a high chance of failure like the CCP and Russia who have already tried and failed to establish alternatives.
Also after the whole Iran fiasco Russia and others looked at ways to deal with this ahead of time. They have that SPFS system ready...sure it don't help when SWIFT is active but it will almost certainly attract lots of users when SWIFT isn't there. SWIFT's advantage is almost entirely in the founding network effect. It will then attract black+grey list banks internationally as well as those nations who fear potential US sanctions. That will put pressure of "neutral" finance centres (Singapore/Hong Kong/Switzerland) to start dealing with it. The UK and the like would soon fold to keep their financial hubs competitive with those hubs. Hell there may even be support from parts of the EU as several nations considered the way the US pressured them in the Trump's Iran fiasco-part-two-boogaloo to be a major violation of their sovereignty (rightly tbh) Once two (even highly unbalanced) systems are in place there will lots of mischief possible with arbitrage etc. So therefore any block to SWIFT would have to be temporary otherwise it will hurt itself far more than anything.
While this argumentation would have been very reasonable five days ago, today it has just as much merit as saying 'cutting off German imports to Poland in 1938 was a bad idea, as it could hurt Poland's long term profits in the coming decade'. Assuming there is a sovereign Europe in ten years is at this point in time a baseless notion. Therefore waging any amount of foreign debt against any factual defensive measures is naive at best.
@@muadhnate They have to hop on the russian systems because of two reasons.
1) They bought russian debt bonds so there will be a time when these EU buyers will have to be paid. Since there is no SWIFT, they will have to use russian system to get paid.
2) 45% of gas used by EU comes from russia. If they won't pay because of the swift ban then russia will simply cut of their gas in winter.
One way or another, the EU will be on their knees. Either they will lose a lot of money due to russian debt bonds or they will freeze to death.
@@muadhnate You want gas, you jump.
Actually you guys missed on the new system in Russia, valled MIR. It allows not only all the transactions within it, but also transactions through Visa and MasterCard even when they're blocked by sanctions. And over 100 million Russians already use it. So, cutting off Swift won't do as much damage. And current sanctions on Russian banks are also easily bypassed when using MIR system.
@@muadhnate Russia also has a system with the Chinese for this exact scenario. They were preparing for this scenario for years.
I think the fact that Russia, India, China and Iran already have alternatives to SWIFT I think the ban would hurt but not for long tbh
@Brandon Palmer most of these countries have been dealing mainly in the alternatives so collectively it’s good but of course will be a long ride
@Brandon Palmer" ....get their asses kicked" for what ?
For trading in yuan, roubles, rupees & rials ?
Because sanctions against Russia have been imposed by nato/ eu countries. Not UN, so they are legally unenforceable for trades done using neutral currencies
If they wanted, they could still sanction indian, Chinese and Iranian banks,but then try building case for sanctions against China & india because they traded with Russia using neutral currencies 🤡🤡🤡
I think india will soon do they own system because china and india have alot of issues, you can see alot of think from china have ban from india and they still in the QUAD so for sure hard for india to join the system when china are center make china more powerful
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What do you think of them using xrp instead?
hhahahahhaha the silly westerns really think that can broke Russia! hahahhahahahaha
@@art_means_artificial Russia are complete pussies lol
@@firstname2072 frequent price fluctuations.
@@userre85 what?
It actually happened lmao
In such tumultuous times, any video from Patrick is like a warm hug
@@alexbecker4079 my god.. such a low effort try to scam.. dude who set up that bot needs a handler for sure.
@@clarkecorvo2692 just report him.
Many of these videos are literally on par or exceed the quality you could expect from undergraduate, or in some cases, graduate discourse on the topics covered. The fact that this content is free on RUclips is an absolute gift and we should all be thankful - thank you Patrick, very much +1
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I'm a huge fan of crypto, I hold some few coins in my wallet.
The rich get wealthier as they trade, the poor remain and get even more poorer because of skepticism and fear of taking risk,
So basically Americans and Europeans don’t have the balls to sacrifice their own financial interests for the benefit of Ukraine…
Hey, maybe Western Banks should have weighed the risks of lending to Russia, a country that had already almost got kicked out of swift.
Ukraine does not deserve to be sacrificed so that Western Banks who made risky loans get to profit.
buddy, Rockefeller was selling oil to naazees when ww2 was on. war is business.
ukie was/would be risked anyway. NO ONE is crazy enough to start ww3 over Ukie.
Not being sacrificed. When you (read NATO) pokes the proverbial dog enough (read Russia), you dont blame the dog for protecting it self and saying enough is enough.
@@yegorzakharov8514 Russia is not some dog that has been poked. It's a pitbull running around biting people's kids because it has a bad attitude. Unfortunately though for Mr. Putin, he has badly miscalculated, on day one the plan has fallen apart, and far from pushing other countries away from NATO, he has moved many of them, who never would have before, towards joining.
@@yegorzakharov8514 By taking out on a country that isn’t part of NATO, if Russia has reservations against NATO they should’ve attacked Poland or Lithuania not Ukraine with a military that poses no threat at all
Please talk more about the potential impact of cutting out Russia from Swift. I think it’s really happening now.