Nothing good In recent days, there has been a lot of talk that Russia could be disconnected from the SWIFT interbank settlement system. Today, the media reported that the decision to turn off the Russian Federation will be made within a few days. What does this mean for the country?Discuss
Therefore, disabling banks from accessing SWIFT restricts money flows in and out of the country. And this, of course, threatens with real economic losses. However, it seems that Russia will be able to mitigate the consequences, as it has developed its own such system.
The expert notes that in this case, operations with the ruble will proceed as before. Visa and MasterCard will also continue to work. Difficulties will affect foreign exchange transactions, but they can still be made, albeit with a slowdown. Nevertheless, there will be a collapse in the work of the banking system in the country. Disconnection from SWIFT means failure of fast communication between credit institutions. As a result, this will lead to higher prices and a sharp slowdown in financial flows. In the end, many Western banks and firms may themselves refuse to work with Russia.
Source: TJ