BREAKING: Italy and Germany On Board To Ban Russia From SWIFT

By ProCoinNews • February 26, 2022 3:14 pm • Comments

The author of this article has been studying and investing in XRP since early 2017.

As XRP holders, we’ve known all about the SWIFT system for a long time.

What it is, how it works, why it’s so slow, NOSTRO and VOSTRO accounts, and more.

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These are common terms to us, but to the average American or average citizen of the world?

I would venture to guess less than 1% of people have ever even heard of the SWIFT system, let alone could tell you anything about it.

But now in a surreal move at least to me, SWIFT is becoming a household name and it feels like we are on the cusp of something major as Germany has now joined Italy and other European countries in calling for Russia to be banned from SWIFT.

Until now, Germany had been a holdout, leading many to believe it would never happen.

Suddenly today that changed.

Take a look:

Here is President Zelensky himself saying Russia will be cut off from SWIFT:

And Bloomberg:

Here’s more from Express.co:

The country has finally announced it’s support for imposing “targeted and functional” restrictions on Russia from the SWIFT global interbank payment system., but Germany stopped short of backing a total ban of Russia from the financial telecommunications programme. In a historic change of policy, Berlin has also announced that they will be supplying military weapons to Ukraine.

Germany has announced their support for blocking Russia out of SWIFT (Image: Getty)
Foreign Minister Annalena Baerbock and Economy Minister Robert Habeck said in a joint statement: “We are urgently working on how to limit the collateral damage of decoupling from SWIFT in such a way that it affects the right people.

“What we need is a targeted and functional restriction of SWIFT.”

Following a passionate plea from the Ukrainian ambassador, German Chancellor Olaf Scholz also stated that 1,000 anti-tank weapons and 500 stinger surface-to-air missiles from Bundeswehr will be sent to help. Berlin has allowed the weapons to be transported through the Netherlands to Ukraine.

He said on Twitter: “The Russian invasion of Ukraine marks a turning point. It is our duty to do our best to support Ukraine in defending itself against Putin’s invading army.”

Germany has been criticised for not following other Western allies’ example in providing military aid, and was widely mocked for sending 5,000 military helmets to Ukraine in the lead up to the invasion.

Meanwhile, let’s take a trip back in time to 2019, shall we?

Anyone else remember this?

This is Brad Garlinghouse, calm and cool as ever, on stage saying Ripple is here to take over SWIFT:

And here is the full video:

Ok folks, how do you see this playing out?

I don’t know how each move will go, but my hunch is this…once countries leave SWIFT, they never come back to it.

And my other hunch is that once one country leaves SWIFT, it will start a chain reaction leading to more and more.

And my last hunch is they will find a soft landing spot.  (XRP anyone?)

Oh, and one more thing…I know what is happening in the Ukraine is very real and very deadly and horrible on many levels, but you just have to wonder if all of this was planned in advance to be the final step in killing SWIFT and ushering in the replacement?

Thoughts?

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