Oddbean

The West can't completely isolate Russian banks because it would be disastrous beyond Russia ========== The West has tried for more than two years to cripple Moscow's finances by way of sanctions. However, the West hasn't blocked all Russian banks' access to SWIFT due to potential global impact. From February to May 2022, the US and European Union repeatedly moved to block some Russian banks' access to SWIFT — but spared those that process international oil and gas payments. Cutting off all Russian banks' access to SWIFT would have a massive knock-on impact globally. Despite the West's frustration with how Russia's economy still appears to be holding up, the sanctions appear to be finally working. Russia's economy is in 'deep, deep trouble' due to sanctions and finite reserves. Russia's economy is unlikely to hold up due to the finite nature of its reserves. Russia has limited options other than the Chinese yuan for its reserves. In five years, there will be a disastrous slowdown in the Russian economy. Russia's economy is in 'deep, deep trouble' due to sanctions and finite reserves. Russia's economy is unlikely to hold up due to the finite nature of its reserves. Russia has limited options other than the Chinese yuan for its reserves. In five years, there will be a disastrous slowdown in the Russian economy. #RussianBanks #Sanctions #Swift #GlobalImpact #RussianEconomy https://www.businessinsider.com/west-cannot-completely-isolate-russia-banks-disastrous-globally-putin-economy-2024-5