“In a perceptive article, What Petrodollar: Russia, China To Create SWIFT Alternative, points out the irony in the viewpoint reflected in the Economist. “But wait: wasn’t it the UK’s desire to force Russia out of SWIFT just two weeks ago? Why yes, and the fact that Russia is happy to do so, and on its own terms, once again shows just who has all the leverage, and who really needs, or rather doesn’t, the US Dollar.”” – J Hall
The SWIFT System is an integral part of a communication process that assists payment and clearing of financial transactions. The Corporate-to-Bank site defines it in the following manner and provides several examples of Payment, Clearing and Settlement Systems.
“The Society for Worldwide Interbank Financial Telecommunication, Societe Cooperative a Responsabilite Limitee (limited co-operative society) (“SWIFT”) is a member-owned co-operative. SWIFT provides a telecommunication platform for the exchange of standardized financial messages between financial institutions and corporations. SWIFT is neither a payment system nor a settlement system though the SWIFT messaging standard is used in many payment and settlement systems. SWIFT’s customers include banks, market infrastructures, broker-dealers, corporates, custodians, and investment managers. SWIFT is subject to oversight by the central banks of the Group of Ten countries.”
Now that Western Central Banks are coordinating with their puppet governments in a desperate struggle to preserve their financial preeminence, the push back is heating up. The article, Moscow’s Response To Economic Warfare: Central Bank Of Russia Launches SWIFT Alternative For Domestic Payments, states:
“The calls to disconnect Russian banks from the global interbank SWIFT system came amid the deterioration of relations between Russia and the West and the introduction of sanctions.
However, SWIFT itself does not intend to switch Russia off from the system, saying a number of countries put pressure on it, and insists it is not joining the anti-Russian sanctions.”