BREAKING: Italy and Germany On Board To Ban Russia From SWIFT• February 26, 2022 3:13 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.
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:
Germany working to limit Russia’s SWIFT access.
Real or just a bluff?
Why would Russia keep sending natural gas if they are not getting paid? What is the new method of payment?
How long till electric grid rolling blackouts in Europe? pic.twitter.com/WTySY101ZP
— Wall Street Silver (@WallStreetSilv) February 26, 2022
Here is President Zelensky himself saying Russia will be cut off from SWIFT:
.@ZelenskyyUa says Ukraine has gotten Europe to agree to cut Russia off from SWIFT. "This is an important victory. It means billions & billions in losses for Russia. That's the cost of its backstabbing invasion."
(Germany reportedly supports a "targeted" partial SWIFT cutoff) pic.twitter.com/o9pAVr3OPC
— Alec Luhn (@ASLuhn) February 26, 2022
Italy publicly backed imposing a SWIFT ban on Russia, adding pressure on Germany to support the move https://t.co/oRwPfVBtPr
— Bloomberg (@business) February 26, 2022
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.
BREAKING: Germany working on a way to exclude Russia from Swift
— Saleha Mohsin (@SalehaMohsin) February 26, 2022
BREAKING – Both Italy and Germany have now signaled openness to kicking Russia out of the SWIFT international banking system, which is European run.
Andiamo, auf geht’s, allons-y, and let’s make it happen.
Ban Russia from SWIFT immediately.
— Tristan Snell (@TristanSnell) February 25, 2022
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:
#Ripple & #SWIFT : Friends or enemies?
This was shared by @X__Anderson back in 2020! Today governments are talking about banning Russia from the Swift messaging system! @bgarlinghouse said we are here to take over Swift!
— Badurlu Ulvi (@BadurluU) February 26, 2022
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?
Join the conversation!
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.