In Germany, called a way to reduce the damage from Western sanctions in Russia

Russia can reduce the damage from sanctions from the West with the help of a ploy with the SWIFT payment system, writes Tagesschau with reference to experts in Germany.

According to experts, the SWIFT international payment system is based in the Belgian city of La Hulpe with a population of seven thousand people. “Billions of dollars are coordinated daily from here,” the article says.

If this system is blocked in Russia, banks will lose the opportunity to conduct transactions. Economists believe that this will cause great damage to the Russian and world economies. Oil and gas supplies from Russia may be cut off, resulting in a sharp rise in hydrocarbon prices.

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In Russia, an analogue of SWIFT has been created, which is used in the former republics of the USSR. Information technology expert Jan Oetting called it one of the ways to reduce the damage from sanctions. “Russia and China use the same structure and the same data format as SWIFT. The systems are almost the same, they can easily be made compatible. Specifically, this means that Western banks can use SWIFT to transfer money to countries neighboring Russia, and then use the Russian system to send them further, ”he explained.

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The US and EU are considering imposing new sanctions against Russia if it “attacks” Ukraine. Among the most likely restrictions may be the conversion of rubles into dollars and other foreign currencies, blocking access to the SWIFT financial payment system.

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