Medvedev Warns Of “Unlimited Reaction” If Russia Cut From SWIFT

ZEROHEDGE & ITAR-TASS – January 27, 2015: “While nations around the world continue to de-dollarize, Russia signed into law its anti-crisis plan today (details released…). Prime Minister Dmitry Medvedev, however, was quite vociferous in some of his threats, warning The West that the “Russian response – economically and otherwise – will know no limits” if Russia is cut off from the SWIFT payments system. Additionally, as Royce, the chairman of the House foreign affairs committee, explains Iran nuclear talks “appear to be stalemated,” just days after Iran completes its de-dollarization and news today, that Russia and Iran plan to create a mutual account for bilateral payments in national currencies. …Western countries’ threats to restrict Russia’s operations through the SWIFT international bank transaction system will prompt Russia’s counter-response without limits, Prime Minister Dmitry Medvedev said on Tuesday. “We’ll watch developments and if such decisions are made, I want to note that our economic reaction and generally any other reaction will be without limits,” he said. …Russia intends to have its own international inter-bank system up and running by May 2015. The Central of Russia says it needs to speed up preparations for its version of SWIFT in case of possible ”challenges” from the West. “Given the challenges, Bank of Russia is creating its own system for transmitting financial messaging… It’s time to hurry up, so in the next few months we will have certain work done. The entire project for transmitting financial messages will be completed in May 2015,” said Ramilya Kanafina, deputy head of the national payment system department at the Central Bank of Russia (CBR). ” Link: Read Complete Article

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