Western nations to kick Russian banks off SWIFT

KleinBoontjie said:
This might hurt Russian tourist, stuck in other countries. Right?
Click to expand...
Swift is more for big payments, mainly business to business type international money transfers.

I'm assuming removing them from Swift will radically curtail most Russian import and exports seeing the goods won't be able to be paid for?

When has a Swift ban been used on a country in the past?
 
C4Cat said:
Cryptocurrency to the rescue?
Click to expand...

Already happening in Ukraine! BTC and ETH are being used locally to pay for goods, and people are donating and minining into crypto wallets set up by the Ukraine government to use for aid.

https://twitter.com/x/status/1497594592438497282

www.theverge.com

How Ukrainians are fundraising in cryptocurrency

“You don’t trust the local currency and on top of that, you don’t trust banks.”
www.theverge.com www.theverge.com

Currently sitting at over $9m combined, and ETH is much fuller because the transactions are cheaper and completing faster.

KleinBoontjie said:
This might hurt Russian tourist, stuck in other countries. Right?
Click to expand...

SWIFT does affect withdrawals from a Russian bank account or credit card payments to foreign banks, so yes. Tourists will be stranded.

airborne said:
When has a Swift ban been used on a country in the past?
Click to expand...

Iran, 2012, as a form of protest against their nuclear power plans.

www.rferl.org

Explainer: How Does A SWIFT Ban Hurt Iran?

The world's biggest interbank transfer network, SWIFT, says it will no longer handle transactions by Iranian banks blacklisted by the EU. In this quick explainer, RFE/RL looks at how the move will limit Iran's ability to trade internationally amid controversy over its nuclear activities.
www.rferl.org www.rferl.org
 
If I'm not mistaken, VISA and MasterCard have also blocked Russian transactions
 
I'm actually wondering when it will happen. I have a payment coming up that I hope will go through to my Thai account next week. Will have to use an alternative method if it fails.
 
CataclysmZA said:
Already happening in Ukraine! BTC and ETH are being used locally to pay for goods, and people are donating and minining into crypto wallets set up by the Ukraine government to use for aid.

https://twitter.com/x/status/1497594592438497282

www.theverge.com

How Ukrainians are fundraising in cryptocurrency

“You don’t trust the local currency and on top of that, you don’t trust banks.”
www.theverge.com www.theverge.com

Currently sitting at over $9m combined, and ETH is much fuller because the transactions are cheaper and completing faster.



SWIFT does affect withdrawals from a Russian bank account or credit card payments to foreign banks, so yes. Tourists will be stranded.



Iran, 2012, as a form of protest against their nuclear power plans.

www.rferl.org

Explainer: How Does A SWIFT Ban Hurt Iran?

The world's biggest interbank transfer network, SWIFT, says it will no longer handle transactions by Iranian banks blacklisted by the EU. In this quick explainer, RFE/RL looks at how the move will limit Iran's ability to trade internationally amid controversy over its nuclear activities.
www.rferl.org www.rferl.org
Click to expand...
How do you know that BTC wallet is indeed an Ukrainian wallet and not a scammer?
 
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