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Russia invading Ukraine (NEWS/UPDATES)

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Alcoholic_Author said:
Others will know better, so please correct me if I’m wrong, but I think SWIFT is the software that most international payment platforms run on, it’s a sort of payment operating system, PayPal run off it for example, and maybe some banks use it also.
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I’m ignorant of it too, had never heard of it until earlier this week (it’s the 2022 version of the 2020 furlough).
But I have taken the same from what I’ve read and heard, and I think the complication in withdrawing from it is that some countries also pay their bills to Russia via it, so they’d risk their own supplies of whatever they are paying for being cut off.
 
Alcoholic_Author said:
Others will know better, so please correct me if I’m wrong, but I think SWIFT is the software that most international payment platforms run on, it’s a sort of payment operating system, PayPal run off it for example, and maybe some banks use it also.
Click to expand...
Need a swift code or BIC number to transfer money from 1 country to another. When working out in UAE I had to use it to transfer money to my bank at home
 
zwartekat said:
I know what SWIFT is but not clear of what the practical implications of this will be. Would there have been much in the way of cross-border payments involving Russia anyway, under the current circumstances?
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It means no cash goes back and forth either way.
From the EU point of view, any company which sells to Russia will have money owed to them by their Russian customer which they cannot collect.
 
If this is true, This kicks in :
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has now deployed TOS-1 launchers to the outskirts of heavily populated areas Thermobaric weapons against civilian targets have zero military purpose It would be a war crime aimed at terrorizing & slaughtering people into submission
 
zwartekat said:
I know what SWIFT is but not clear of what the practical implications of this will be. Would there have been much in the way of cross-border payments involving Russia anyway, under the current circumstances?
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China are working on setting up a rival system that will go some way to mitigating the pain Russia will get from being ejected from Swift
 
Viper said:
If this is true, This kicks in :
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has now deployed TOS-1 launchers to the outskirts of heavily populated areas Thermobaric weapons against civilian targets have zero military purpose It would be a war crime aimed at terrorizing & slaughtering people into submission
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Just in case anyone missed it earlier. These are serious stuff.

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