Lucas Dummar
Ceo. @DuTV
April 03, 2024
https://telegra.ph/Por-que-a-economia-russa-vem-crescendo-médio-ap%C3%B3s-a-exclus%C3%A3o-parcial-da-R%C3%BAssia-do- system-Swift-04-03
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The Russian economy became the fifth largest in the world even after Russia was excluded from the SWIFT financial messaging system, mainly due to a number of factors:
1. Natural resources: Russia is rich in natural resources such as oil, natural gas, minerals and metals. The export of these resources has contributed significantly to the Russian economy;
2. Economic diversification: Despite its heavy dependence on natural resources, Russia has sought to diversify its economy into other sectors, such as industry, technology and agriculture;
3. Emerging markets: Russia has sought commercial partnerships with other emerging countries, which has boosted trade and foreign investment in the country;
4. Economic resilience: Russia has shown the ability to adapt to sanctions and trade restrictions, seeking alternatives and solutions to keep its economy growing;
Importantly, Russia's exclusion from the SWIFT system may negatively impact the country's international financial transactions, but the Russian economy still benefits from other factors that drive its growth and development.
Russia has not been completely excluded from the SWIFT system, but it has been subject to restrictions and sanctions that limit its access to this international financial messaging system.
This happened in response to several actions considered destabilizing to international security and stability, such as the annexation of Crimea in 2014 and involvement in conflicts in Ukraine and Syria.
In general, the sanctions applied to Russia aim to punish the country for its actions considered aggressive or contrary to international law, and also aim to exert pressure to change its behavior. Sanctions may include restrictions on access to the international financial system, such as SWIFT, limiting the ability to conduct financial transactions internationally.
However, it is important to note that the complete exclusion of Russia from the SWIFT system is an extremely rare measure and difficult to implement due to the global consequences it would have. In this way, the restrictions imposed are mainly aimed at harming Russia's financial and foreign trade capacity, without drastically affecting the global economy.
Russia has its own financial and payments system, which is separate from the international financial system, represented by SWIFT. Following the sanctions and restrictions imposed on the country, Russia began to strengthen its internal financial system and reduce its dependence on SWIFT.
In 2014, Russia created SPFS (System for Financial Message Transfer) as an alternative to SWIFT, allowing Russian financial institutions to continue transacting within the country without relying on the global system. Furthermore, the country has also developed the national Mir payments system, as an alternative to Visa and Mastercard credit cards.
These measures are aimed at ensuring the financial stability and independence of Russia's payments system amid international sanctions and restrictions on access to the SWIFT system. However, it is important to highlight that although Russia has taken steps to strengthen its domestic financial system, it still does not completely replace the need to connect to the global financial system to carry out international transactions.
Swift System
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global financial communications network that enables the secure and standardized transfer of messages and information between financial institutions around the world. Founded in 1973, SWIFT is a cooperative owned by the banks and other financial institutions that use its services.
The main objective of SWIFT is to facilitate communication between financial institutions to carry out international transactions such as bank transfers, commercial payments, exchange of documents and messages related to the financial sector. The SWIFT network provides a secure and reliable environment for exchanging financial data, using standardized codes to ensure the accuracy and security of transactions.
SWIFT is widely used in the global financial sector and is considered an industry standard for communication between banks and other financial institutions. Many countries and financial institutions rely on SWIFT to carry out international transactions efficiently and securely.
However, SWIFT can also be the target of international sanctions and political restrictions, as was the case with Russia, which sought alternatives to the system after sanctions imposed by the West.
Brics and the Swift System: what does it look like?
The BRICS (Brazil, Russia, India, China and South Africa) do not necessarily depend on the SWIFT system to carry out financial transactions among themselves or with other countries. SWIFT is widely used in the global financial sector and many countries and financial institutions rely on it to carry out international transactions efficiently and securely.
However, some countries, such as Russia and China, have explored alternatives to SWIFT to reduce dependence on the system amid concerns about possible international sanctions. For example, Russia has developed its own national financial messaging system, known as SPFS (System for Rapid Financial Transfers), as an alternative to SWIFT.
Therefore, while BRICS countries can utilize SWIFT for most of their international transactions, they are also exploring other options to diversify their financial communication networks and reduce their vulnerability to potential disruptions.
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