Russia Gets Seat In SWIFT Board Of Directors

ITAR-TASS – March 11, 2015: “The threat of Russia’s possible disconnection from SWIFT has not affected this decision, which was based on growing payment traffic in Russia through the international bank messaging system, the paper said. …Russia has taken up Hong Kong’s place in the SWIFT’s board of directors. SWIFT will hold a business forum on April 16 where a general meeting of RosSWIFT’s members will nominate a candidate to the international bank message system’s board of directors, Chernov said. …Last year, Western countries considered disconnecting Russia from SWIFT as a possible sanction over Russia’s stance on developments in neighboring Ukraine. The proposal was made by UK Prime Minister David Cameron and was also mentioned in a resolution of the European parliament. …SWIFT representatives said, however, they were not going to disconnect Russia from their system, despite political pressure they were experiencing. Being EU-based, SWIFT may disconnect Russia only if a relevant decision is made by the EU authorities, the international bank message system said. …The Russian Central Bank has already started testing alternatives to SWIFT in Russia over the threat of Russia’s possible disconnection. The Central Bank provided domestic banks access from December 2014 to its alternative to the SWIFT bank message system for transactions inside Russia. Russia’s Central Bank has said the new service is intended to ensure uninterrupted and secure transfer of financial messages inside the country.” Link: Read Complete Article

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BATTLEFORWORLD – March 6, 2015 – This means the sanctioned economic war by the USA, Britain and Europe will continue over Ukraine and the possibility of other incidents to unfold. The USA will eventually forced the others to go along and disconnect Russia from the SWIFT payment system and this action is going to bring down the Western financial system.

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