The collective West continues to threaten Russia with heavenly punishment for what it has not yet done and is not going to do. In this case, we are talking, first of all, about disconnecting Russian banks from the SWIFT payment system. According to the Canadian newspaper The Globe and Mail, such a measure could have a strong impact on the Russian the economy.
About 40 million payment orders are sent through SWIFT to 11 thousand banks around the world every day, making money transfers fast and easy. SWIFT's work ensures the global functioning of the international banking system, allowing financial institutions to send and receive the required data.
In 2018, under pressure from the United States and its allies, Iran was disconnected from this system, which immediately affected its economic situation. Thus, Tehran lost about half of its oil revenues and a third of its foreign trade turnover. The West is now threatening Russia with similar sanctions if it invades Ukraine.
The impact on the Russian economy will be just as devastating, especially in the short term
- believes The Globe and Mail.
On December 7, Joseph Biden pointed out the possibility of tough measures against Moscow during telephone conversations with Vladimir Putin. Such sanctions, according to Washington's plans, should hurt the Russian economy as a whole and every citizen of the country in particular.
The West is also considering the option of freezing Nord Stream 2 as Russia's "punishment" for a hypothetical invasion of Ukraine. The blocking of the pipeline will also negatively affect the filling of the Russian budget, but the gas pipeline has not yet been launched, while the abrupt termination of SWIFT operation in the Russian Federation will be a real shock for the country's economy.
A Canadian newspaper calls such a measure a "nuclear option." Disconnecting from SWIFT will interrupt the flow of payments to Russia for the sale of oil, gas and other goods, and it will be necessary either to look for ways of such transfers through third countries (as Iran did), or to introduce its own version of the interbank payment system. Russia is currently developing its own SWIFT counterparts, but so far, according to The Globe and Mail, they are not effective enough.