Posted on 08/29/2014 7:20:20 PM PDT by lodi90
The United Kingdom will push the European Union this weekend to consider the most punitive sanctions yet against Russia for its involvement in escalating the crisis in Ukraine.
According to Bloomberg, the U.K. plans to propose blocking Russia from the SWIFT banking transaction system, a move analysts say would effectively cut off Russian businesses from the rest of the world's financial system. U.K. Prime Minister David Cameron will put forward the proposal during a meeting with E.U. leaders in Brussels on Saturday.
"This would be a major escalation of the sanctions. Most international payments flow through SWIFT. Banning Russian banks and companies from SWIFT would effectively cut off Russian businesses from the rest of world," said Bruce Johnston, a London-based analyst at Morgan, Lewis & Bockius.
(Excerpt) Read more at businessinsider.com ...
The Chinese will come to their rescue.
This kind of stuff leads to wider wars. We need to be calming this situation down, not ratcheting it up.
Chicoms don’t own the banking system. That’s NYC and London. Putin is SOL if this hammer drops. The Russian economy will collapse.
As a commentator pointed out, there are not 215 countries in the entire world.
Sure. That'll stop Putin.
BRICS and nukes.
They’re mostly independent of Russian energy for the coming cold hard winter. Most of continental Europe isn’t and they’re going to end up bowing to Moscow shortly. It’s either that or their citizens freeze.
I think we need to help arm and train Russia’s neighbors, the new Tsar thinks of other countries as just territory that needs to be conquered. He has literally called former Soviet satellites “fake states”
They may not own the banking system, but over the years they have accumulated enough gold, silver and foreign debt to have a very strong influence in how hard the Russian economy is hit. I think the Chinese can keep the Brits from doing this. JMHO
Slouching towards Armageddon.
“1914 Redux” coming this fall! ... don’t miss it! ... Bound to be a major hit!
I think we are forcing Russia and ourselves into the beginning of WWWIII
From Yesterday:
Russian Government Devises SWIFT Alternative,
In yet another sign that the rift between the West and Russia is only deepening, the Russian Central Bank and the government’s financial and economic departments stated that a bill has been drafted to create a Russian analog of the SWIFT international financial message system.
According to a statement made by Deputy Finance Minister Alexei Moiseyev on Wednesday, the government prepared the bill in consultation with the local banking community and the Bank of Russia.
The move is in response to concerns of the Russian government that Russia may be excluded from the SWIFT (Society for Worldwide Interbank Financial Telecommunications) payment system, should tougher sanctions be applied at any point in time in the future. Messages transmitted through SWIFT contain information about payments transmitted through SWIFT.
The Russian government is worried that a theoretical cessation of all Russian ruble transactions can be used as part of wider sanctions against the country. In the case of a backup system developed locally, a SWIFT payments blockade would only constitute a technological hurdle.
http://forexmagnates.com/russian-government-devises-swift-alternative/
This is the same system that was being talked about earlier this year, that China may become a part of.
A nice turn of phrase my FRiend :-)
Does anyone remember why Japan attacked the US on Dec 7th at Pearl Harbor? A response to economic actions taken by the US against Japan. Let’s think twice before doing something stupid that initiates what we don’t want to happen...
Because the Japanese were such fine upstanding people before that. lol
They’re mostly independent of Russian energy for the coming cold hard winter. Most of continental Europe isn’t and they’re going to end up bowing to Moscow shortly. It’s either that or their citizens freeze.
You’ve got it backwards. If anybody will freeze in an economic war it will be Russians. 50% of their entire economy is based on petro exports. The EU dependence on Russian energy is vastly overstated by corportists and Putinists. For example, there are a couple of fertilizer plants in Germany that consume vast quantities of gas. They could easily be mothballed. Lithuania just signed a LNG deal with Norway, France has nuke power, etc., etc.
Russia has invaded a neighbor and now several thousand people are dead. Today Putin threatened nuclear war. What would you suggest the proper course of action is when a failed state like Russia acts in such a manner?
Putin is clearly trying to install another Iron Curtain and cares not how many people he has to kill to get it.
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