Well Done Boris.....

[ToraToraTora]

https://news.sky.com/story/ukraine-crisis-five-russian-banks-and-three-high-net-worth-individuals-targeted-in-uk-sanctions-on-moscow-12548650
...when Europe and the US follow suit that means all their foreign assets frozen, no interaction with the financial system, SWIFT etc. It's ordinary Russians who'll suffer for Putin's aggression.

[ichkeria]

Yes well done Boris from me too.
I’m saying things I didn’t think I’d say …

[Bobbisox1]

Yes, swift and hit them in their pockets Tora

[ToraToraTora]

I'm on it Bobs!

[Stickybottle]

He is just following the play book that the EU will(or certainly ought to)
Having a range of sanctions as options is wasteful
If you are going to use them you implement them all in one fell swoop

All or nothing

[Gromit]

Last time I posted about Russia being frozen out of SWIFT, someone pointed out that they don’t use it, and there were more modern equivalents. Don’t know if that is true.

[ToraToraTora]

credit where it's due though, Rodders is making the right noises too.

[ichkeria]

Russia does use SWIFT, but I think it’s fair to say that this measure would not have the devastating effect that it would have had in 2014. Russian banks are le more integrated into western banking systems

[ToraToraTora]

not true gromit, all the major banks use swift including the Russians they may have an internal version like we do (CHAPS) but for any sort of world wide banking to take place they need swift. By "more modern" Gromit I think you refer to the gamut of Net payment systems. They are on top of swift, in the end they will be backed by some sort of Mainframe Comms system probably MQ using Swift rules. But the actuall mechanism is largely irrelevant, most banks run on mainframes and they use the SWIFT rules and conventions. The payments for trades and custody world wide are reliant on swift.

[Stickybottle]

ToraToraTora
credit where it's due though, Rodders is making the right noises too
———
Indeed
Imagine what Corbyn would have said ?
Probably blamed the Ukrainians !

[Bobbisox1]

It’s good they’re reading from the same page on this

[Gromit]

Yep, just checked.
// The Society for Worldwide Interbank Financial Telecommunication was founded in 1973 to replace the telex and is now used by over 11,000 financial institutions to send secure messages and payment orders. With no globally accepted alternative, it is essential plumbing for global finance. //

It is a good sanction but with a nasty side effect. It hurts us just as hard as it hurts the Russians. We can no longer pay for anything that Russia wants to sell us - gas, electricity, minerals, caviar, Vodka etc

[Bobbisox1]

OMG, please not my Grey Goose :0((

[Bobbisox1]

Phew breathes sigh of relief…GG is French

[rowanwitch]

I'm ok too Zubrowka is Polish,

[ToraToraTora]

gromit: "It hurts us just as hard as it hurts the Russians. We can no longer pay for anything that Russia wants to sell us - gas, electricity, minerals, caviar, Vodka etc " - you really are desperate for us to be impotent aren't you! What utter horse droppings, they do not hurt us anything like they hurt them, all those things we can buy elsewhere for example.

[LadyCG]

Ladies.... buy British, I implore you... ;)

[ToraToraTora]

bobbi, the best vodka in the world is Chase made in the UK, won awards even from the Russians. Poland is the world's leading Vodka producer anyway.

[Gromit]

// “SWIFT is an European company, an association of many participating countries. To make a decision on disconnection, a united decision of all participating countries is needed. The decisions of the United States and Great Britain are definitely not enough," Zhuravlev said, according to TASS.
"I'm not sure that other countries, especially those whose share of trade with Russia is large in balance, will support the shutdown," he added.

Moscow established its own payment system, SPFS, after it was hit by Western sanctions in 2014 following its annexation of Crimea early that year. SPFS now has around 400 users, according to Russia's central bank. Twenty percent of domestic transfers are currently done through SPFS.
China's Cross-Border Interbank Payment System, or CIPS, may provide another alternative to SWIFT. //

The US and Europe have not joined the UK in closing the SWIFT door. So our gesture is good, but futile until everyone else does.

[ToraToraTora]

they will Gromit.

[ToraToraTora]

we use CHAPS internally Gromit, they have their own system similarly. It's internationally that counts and they will be cut off PDQ. Why do you always denigrate your own nation at times like these?