{"id":40237,"date":"2018-11-07T10:33:16","date_gmt":"2018-11-07T15:33:16","guid":{"rendered":"http:\/\/olduvai.ca\/?p=40237"},"modified":"2018-11-07T10:33:16","modified_gmt":"2018-11-07T15:33:16","slug":"russias-alternative-to-swift-already-has-market-majority-in-russia","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=40237","title":{"rendered":"Russia’s Alternative to SWIFT Already Has Market Majority in Russia"},"content":{"rendered":"

Russia’s Alternative to SWIFT Already Has Market Majority in Russia<\/a><\/h3>\n
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Change came swiftly<\/strong><\/p>\n<\/div>\n

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During the ruble crisis of 2014\/15 Russia announced in the wake of U.S. and European sanctions over reunifying with Crimea that it would begin building a domestic electronic financial transfer system, an alternative to\u00a0SWIFT.<\/a><\/p>\n

That system,\u00a0System for Transfer of Financial Messages (SPFS), is not only now functioning in Russia, according to\u00a0a report from RT\u00a0<\/a>it now handles the financial transfer data for more than half of Russia\u2019s institutions.<\/p>\n

\"\"<\/figure>\n

According to Anatoly Aksakov,\u00a0head of the Russian parliamentary committee on financial markets:<\/p>\n

The number of users of our internal financial messages\u2019 transfer system is now greater than that of those using SWIFT. We\u2019re already holding talks with China, Iran and Turkey, along with several other countries, on linking our system with their systems,\u201d Aksakov said.<\/p>\n

\u201cThey need to be properly integrated with each other in order to avoid any problems with using the countries\u2019 internal financial messaging systems.\u201d<\/p><\/blockquote>\n

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This is a follow up to last month\u2019s boast by the Russians that their system was seeing a lot of international interest.\u00a0 How much of this is boast and how much of it is reality remains to be seen, but the important point here is that the minute the U.S. weaponized SWIFT for use in its foreign policy, something like this was bound to occur.<\/div>\n<\/div>\n<\/div>\n

China has its own internal system.\u00a0 And other countries are building theirs as well.<\/p>\n

The SWIFT Cost<\/strong><\/p>\n

A common theme on this blog is that control is an illusion.\u00a0 Power is ephemeral.\u00a0 The best way to exercise your power is to have it but never use it.\u00a0 Because once you do use it you define for your enemies the costs of their lack of compliance to your edicts.<\/p>\n

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\u2026click on the above link to read the rest of the article\u2026<\/div>\n<\/div>\n<\/div>\n
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Russia’s Alternative to SWIFT Already Has Market Majority in Russia Change came swiftly During the ruble crisis of 2014\/15 Russia announced in the wake of U.S. and European sanctions over reunifying with Crimea that it would begin building a domestic electronic financial transfer system, an alternative to\u00a0SWIFT. That system,\u00a0System for Transfer of Financial Messages (SPFS), […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[130,2299,21371,1997,8114,694,10649,1068,22773,16963,827,1174],"class_list":["post-40237","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-china","tag-control","tag-dollar-weaponization","tag-economic-sanctions","tag-rt-news","tag-russia","tag-russia-insider","tag-swift","tag-system-for-transfer-of-financial-messages","tag-tom-luongo","tag-united-states","tag-us-foreign-policy"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40237"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40237\/revisions"}],"predecessor-version":[{"id":40238,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40237\/revisions\/40238"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}