Authored by Mike Shedlock via MishTalk.com, …many did not think the EU would play the SWIFT card on Russia. It turns out they were correct… SWIFT is the international payment system. Cutting off a top country from SWIFT access is a very big deal.
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The ban will only come into effect in ten days, which will allow the Russians to reorganise their banking system, and we presume, re-route payments through banks that are not affected by the sanctions. What this means is that the Swift ban falls into the SINO category: sanctions in name only. The EU is cheering on the Ukrainian side from a safe distance, watching from warm living rooms, heated by Russian gas.
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I like that SINO term.
I always try to follow the money.
In this case, I don’t see much pressure on Russia. Especially since the Biden / Obama coup in Ukraine to displace a democratically elect but favorable to Russia leader is the root of all this trouble.
That and the promises not to extend NATO made by lots of prior administrations.
How silly was it of Russia and Ukraine to even listen to American “promises”? I think that Ghadafi in Lybia, Sadam in Iraq, and a vast number of others could serve as suitable examples.