Quote from: Abiky on February 24, 2022, 05:32:12 PM

Quote from: mindrust on February 20, 2022, 11:01:17 AM

They will kick them out of SWIFT and stop there probably. The thing is the US can't do more. Biden already said that they are not going to send troops to Ukraine to fight Russia if Russia invades Ukraine.

You can't do much against a nuclear force as long as they don't threaten you directly. Getting kicked out of SWIFT would benefit Russia more in the end ironically because the USD will lose another customer.

The United States, Europe and other countries have already imposed serious economic sanctions against the Putin regime and against Russia in general. Including Russia was forbidden to make payments in dollars, euros, yen, pounds. The banking system will largely be paralyzed without being disconnected from SWIFT, although this possibility is still under discussion. So far, such a shutdown is opposed by Germany, Hungary, Italy and Cyprus.
In addition, it is predicted that by the time Russia sets up its internal payment system, it will already be bankrupt.
Now there is information that China refuses to buy oil from Russia because of the uncertainty with payments and delivery of oil. In connection with the adopted sanctions, this also awaits Russia for all other goods. Gas and oil, on the contrary, may fall in price.

Russia will probably build its own financial system independent of SWIFT. As long as it has its own reserves of Gold and other scarce commodities/assets, sanctions will have little to no impact over the Russian economy. By stripping Russia out of the SWIFT system, the USD will continue to lose traction as the world's reserve currency. I have a feeling countries will begin to separate themselves from the US Dollar slowly as time goes by. All of these actions will directly affect the American economy in ways that were never imagined before.

Now that Russia has invaded Ukraine, things are going to get worse. Oil prices will rise, leading to a huge blow over the global economy. Russia is one of the major producers of oil, so it doesn't have to worry about this. Who knows what will happen in the next days with rising tensions between the West and Russia? Just my opinion