SWIFT Announces It "Regrets The Pressure" To Disconnect Russia

Tyler Durden's picture




 

With ever louder chatter that the west will force Russia to exit the (EU-based) global currency messaging and interchange service that is SWIFT - essentially locking it out of transacting in "developed" currencies - and with correspondingly louder retorts by Russia that it is prepared and would welcome such a move as it would merely force it to abandon the petrodollar and allign even closer with China, there was one entity whose take on the matter had been largely ignnored. SWIFT itself.

Surprisingly, in a press release issued this morning,the member-owned cooperative, reveals that not only has it received "calls to disconnect institutions and entire countries from its network – most recently Israel and Russia", but that it regrets "the pressure" as the "surrounding media speculation, both of which risk undermining the systemic character of the services that SWIFT provides its customers around the world."

And if SWIFT has now gone so far as to distance itself from the source of such external "pressure" which needs no clarification, then surely the dischord behind the SWIFTean scenes is far greater than meets any mainstream media eye.

From the press release:

SWIFT and its stakeholders have received calls to disconnect institutions and entire countries from its network – most recently Israel and Russia.

 

SWIFT is a neutral global cooperative company set up under Belgian law. It was established by and for its members to create a shared worldwide messaging service and a common language for international transactions. SWIFT provides services to over 10,500 financial institutions and corporations in over 200 jurisdictions around the world. SWIFT is a critical service provider to the financial industry and plays a pivotal role in supporting international commerce and trade.

 

SWIFT services are designed to facilitate its customers’ compliance with sanctions and other regulations, however SWIFT will not make unilateral decisions to disconnect institutions from its network as a result of political pressure.

 

SWIFT regrets the pressure, as well as the surrounding media speculation, both of which risk undermining the systemic character of the services that SWIFT provides its customers around the world. As a utility with a systemic global character, it has no authority to make sanctions decisions.

 

Any decision to impose sanctions on countries or individual entities rests solely with the competent government bodies and applicable legislators. Being EU-based, SWIFT complies fully with all applicable European law.

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Mon, 10/06/2014 - 09:43 | 5293902 LawsofPhysics
LawsofPhysics's picture

And I am also sure that the Eastern part of the world and Brazil (That's more than 2/3 the earth's population) will also "regret" bypassing the dollar....   ...or not.

Mon, 10/06/2014 - 09:53 | 5293932 Arius
Arius's picture

Now, I am totally convinced SWIFT is an independent institution ... do they accept deposit from individuals?  these are the people i want to hold onto my money ... wow

@ LOP ... i see what you saying, but none (of them) is interested on keeping the same deck of cards ... you dig?

it is part of changing of the guards so to speak ... how do you move into a new system?

Mon, 10/06/2014 - 09:56 | 5293957 SoberOne
SoberOne's picture

How swiftly do they want this thing to come down?

Mon, 10/06/2014 - 09:58 | 5293964 NotApplicable
NotApplicable's picture

That's an answer only known by the numerologists who will provide cover.

Mon, 10/06/2014 - 10:25 | 5294080 Latina Lover
Latina Lover's picture

I wish SWIFT would disconnect Russia from their systems.  It would be fun to watch the Europeans pay for gas in Rubles, or transfer funds via Euros.

The USSA has gone mad.

Mon, 10/06/2014 - 10:28 | 5294100 LawsofPhysics
LawsofPhysics's picture

"The USSA has gone mad."  -- No, those fat government and MIC pensions simply need to be paid, they know nothing else.  Civil war in America or a military coup is not as improbable as the average sheep thinks.

Mon, 10/06/2014 - 10:44 | 5294145 Manthong
Manthong's picture

“solely with the competent government bodies “ 

..sounds to me like they are swift-boated fools and pretty much screwed..

..like, how do we lose more customers today?

Obama-ola should help that along a bit.

 

Mon, 10/06/2014 - 11:37 | 5294487 flapdoodle
flapdoodle's picture

I have no doubt SWIFT doesn't like the pressure on Russia.

If Russia is dropped and creates a BRIC alternative to SWIFT, there goes the SWIFT NWO monopoly!

I'm sure they regret that part. I'm also sure they will not ever stop following the orders of their masters, the US/UK/Israel/SA Deep State.

This move is to try to nip a SWIFT alternative in the bud before it takes root.

I also like how they folded 'Israel' into the discussion, as if there were ever a chance in hell Israel would be kicked out of SWIFT... chutzpah run amok to deceive the sheep.

 

Mon, 10/06/2014 - 13:56 | 5295119 OpenThePodBayDoorHAL
OpenThePodBayDoorHAL's picture

Already Swiss-cheesed by NSA, they admit they already reached in and removed funds from accounts. Time for something else, post-Bitcoin.

Mon, 10/06/2014 - 14:42 | 5295201 COSMOS
COSMOS's picture

LOL yeah poor Israel, I think via high frequency SWIFT connect and disconnect, they got disconnected 6 MILLION times LOL

Its always that magical number since the late 1800s.  But somehow they always end up reconnected.

Mon, 10/06/2014 - 10:59 | 5294263 Ignorance is bliss
Ignorance is bliss's picture

Recent while house security review is probably more about thwarting potential a coup detat.

Mon, 10/06/2014 - 10:03 | 5293983 Sudden Debt
Sudden Debt's picture

Swift like in Meep Meep!

Mon, 10/06/2014 - 10:31 | 5294123 Bindar Dundat
Bindar Dundat's picture

They will be pushed out of Swift.

The next step is to drive oil to below $70 and further hurt Russia.  Their budgets are based on $100 oil.  Thank you Saudi Arabia.

This is war and the Russians are out gunned economically.

Mon, 10/06/2014 - 13:31 | 5294948 ebear
ebear's picture

"The next step is to drive oil to below $70 and further hurt Russia."

While simultaneously killing every shale oil play out there, most of which are American.

Meanwhile, Russia rebuilds its Ag sector, under the dual effect of cheaper oil, and a ban on EU food exports.

Brilliant.  Simply brilliant.

Mon, 10/06/2014 - 16:38 | 5296003 Omen IV
Omen IV's picture

Outgunned .......Hardly !

Russia - GDP roughly $2.1 Trillion 2013 with 13.4% - Debt  / GDP - 2013

http://www.tradingeconomics.com/country-list/government-debt-to-gdp

 

so if you lower Oil by 30% what is the effect on borrowing power given cash outflow remaining the same? - if undeveloped reserves are ........$100 TRILLION?

For Platinum, Palladium, Oil, Gas, Coal. Magnesium, etc etc etc

 

and that is not even counting intellectual capital with an IQ double average of USA

 

 

 

 

Mon, 10/06/2014 - 21:17 | 5297139 Crisismode
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"and that is not even counting intellectual capital with an IQ double average of USA"

 

Links, with proof of this statement?

 

 

Mon, 10/06/2014 - 10:01 | 5293977 Ghordius
Ghordius's picture

nearly every time a bank transfers funds to another, it's using SWIFT, particularly if one of them is foreign. this includes your funds, if so transferred

the really funny part of this SWIFT corp disclaimer is how much they are pointing to their status under EU law... while not mentioning in any way the source of this "regretful pressure"

it reminds me the times when it was all about EU-flags being waved in Ukraine. you know, before Nuland's and Sikorsky's tapes went public

nice touch, talking about pressures on SWIFT cutting off... Israel

meanwhile Sweden is talking about recognizing Palestine as a sovereign. it would be the third european country after Hungary and Slovakia. expect some pressure, too

Mon, 10/06/2014 - 10:25 | 5294079 LawsofPhysics
LawsofPhysics's picture

Bingo!!

 

FYI - If history is any guide, you don't "move to a new system" without world war.

hedge accordingly.

Mon, 10/06/2014 - 10:36 | 5294154 piratepiet
piratepiet's picture

Somehow this talk of cutting off Israel sounds very disingeneous.

As for "recognizing" an entity as a sovereign : I am sure this does not fit with your concept of sovereignty.  It makes me think of a quote I read recently : "Freedom is never given, but always taken"  ( by some art woman named Oppenheimer ).  Could one, in the same vein, say : Sovereignty is never given, but always taken ?

Mon, 10/06/2014 - 13:41 | 5295012 Son of Captain Nemo
Son of Captain Nemo's picture

Somehow this talk of cutting off Israel sounds very disingeneous.

That's because it is disingenuous p.

Israel is keeping a door and a window open for future "usury opportunities"...  They know there time riding the coattails of 'U.S. impossible' is short lived and they are looking to "feather the nest" someplace else.

What makes it such a pathetic ploy is that they've burned every conceivable bridge with Russia starting with Syria, then the use of the Chechens which they backed through Saudi Arabia in the bombings of Volgograd and now Ukraine!

Insane psychopathic Zionist fucking Yids for you!

Mon, 10/06/2014 - 14:10 | 5295194 piratepiet
piratepiet's picture

Frankly, I do not know from which perspective you are writing this.

You could be jewish yourself and testing the waters ( a very common tactic I believe ).  Don't jews sometimes call  each other yids, like black people sometimes call each other nigger ? 

I am also under the impression that Israel will seek support from other countries  ( other than US,  UK and France ).  The EU and Germany come to mind.

I was not aware they played any role in the conflict between Chechens and Russia, and wonder what their objective could have been.

The relationship between Russia and Israel is unclear to me.  Knowing that 1/3 of the population in Israel speaks Russian and that many Russian oligarchs are jewish gives some insight.   

Insane and psychopathic ?  Some for sure.  But so much brilliance needs to be protected in their interest and in the interest of humanity.   

Not that my opinion matters one iota, but there you have it. 

 

 

Mon, 10/06/2014 - 14:19 | 5295231 COSMOS
COSMOS's picture

My opinion is that there is a world criminal body called the Jewish Mafia that takes advantage of the diaspora to move its ill gotten gains around via the banking class which they control.  It has indoctrinated itself with the Jewish cause by giving money to the community it uses and of which it is a member.  Are most of these mofos religious, I highly doubt it.  I do believe thay are ruthless and for the sake of money have no problem sacrificing some of their own.

Mon, 10/06/2014 - 15:35 | 5295247 piratepiet
piratepiet's picture

 

 

Does it not appear to you that

at the top,

the underworld and the upper world meet,

as the fingertips of apposed hands, 

the pensative pose of the mastermind almost a praying position. 

 

Mon, 10/06/2014 - 10:52 | 5294193 Urban Roman
Urban Roman's picture

Hey, why doesn't SWIFT cut off ISIS? We keep hearing about how ISIS are financing themselves with oil revenue and how they have all this money ... just, you know, to prevent them moving their money around.

Nahh, they couldn't do that, it would be tantamount to closing off immigration from ebola countries. Might wreck the 'economy'.

Mon, 10/06/2014 - 11:08 | 5294324 piratepiet
piratepiet's picture

Does ISIS use Swift ?  Not a huwala system ?

Mon, 10/06/2014 - 11:22 | 5294404 Urban Roman
Urban Roman's picture

Maybe they get Charlie Munger to sew it into their underwear.

It's just that with all that FATCA stuff, where ordinary citizens (of a certain country) can no longer have a bank account in Europe, that they could find $400 Million in Iraq ...

Mon, 10/06/2014 - 11:06 | 5294314 tonyw
tonyw's picture

"expect some pressure" - already being applied, the Swedish ambassador has been summoned.

 

You can be sure that SWIFT will argue against cuttting off Russia because SWIFT are the de-facto monopoly and it is not in their interests to be bypassed by anyone and for banks to realise they have valid options. If you have ever been to their HQ just outside Brussels you would see they do well for themselves.

 

 

Mon, 10/06/2014 - 11:14 | 5294371 piratepiet
piratepiet's picture

don't tell me SWIFT acts like a private company.

Mon, 10/06/2014 - 12:50 | 5294751 Iwanttoknow
Iwanttoknow's picture

Shall we bomb/d5one sweden?

Mon, 10/06/2014 - 10:26 | 5294090 LawsofPhysics
LawsofPhysics's picture

"how do you move into a new system?"  ---  Not a student of history are you?

Evolution is a bitch and based on history alone, we have never "moved to a new system" without a world war.

hedge accordingly.

Mon, 10/06/2014 - 09:43 | 5293904 thatthingcanfly
thatthingcanfly's picture

Can I pressure SWIFT to disconnect my ex's water service? That would be sweet. What's their email address?

Mon, 10/06/2014 - 10:05 | 5293978 Sudden Debt
Sudden Debt's picture

no because what you call ex is almost most likely a current and a soon to be current for other guys.

These things/toys tend to be passed arround

Mon, 10/06/2014 - 10:09 | 5294006 thatthingcanfly
thatthingcanfly's picture

I wouldn't wish that on any other guy.

Mon, 10/06/2014 - 11:22 | 5294401 espirit
espirit's picture

Is she... ahem... a large woman?

Mon, 10/06/2014 - 11:43 | 5294521 thatthingcanfly
thatthingcanfly's picture

I love you guys. Thanks for cheering me up. ZH rocks.

Mon, 10/06/2014 - 09:44 | 5293908 Maplehood
Maplehood's picture

"competent government bodies"

hehe

Mon, 10/06/2014 - 09:46 | 5293917 Handful of Dust
Handful of Dust's picture

I was afraid this sanction thingy would backfire on the West and sure 'nuff, it simply pressured Russia and China and other nations to move faster to develop alternatives to the dollar and its related institutions.

Mon, 10/06/2014 - 10:02 | 5293979 NotApplicable
NotApplicable's picture

Why would you think it's backfiring when it's been the plan all along? Seems to me that the plan to enslave billions is proceeding perfectly, as there's little to no room left for it to fail (ala, no competition from a sustainable society).

Mon, 10/06/2014 - 10:20 | 5294064 Jethro
Jethro's picture

What a shame it's come to this.  The western world really had a fighting chance in the mid -90's to include Russia and grow together.  Instead our leaders took the easy path and pillaged what they could, and largely left Russia out to hang. 

Russian culture has always seemed to covet western refinement (or at least the illusion that western culture provides cultural refinement).  I remember the old Soviet saying, "Learn English if you're an optimist.  Learn Mandarin id you're pessimist.".  I guees Russia is a pessimeist now.

Mon, 10/06/2014 - 11:36 | 5294481 cossack55
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"Learn French if you are a Czarist"

Mon, 10/06/2014 - 17:08 | 5296125 supermaxedout
supermaxedout's picture

Learn German if you are a masochist.

Mon, 10/06/2014 - 21:25 | 5297155 Crisismode
Crisismode's picture

Learn Latvian if you are an Onanist

 

Mon, 10/06/2014 - 09:51 | 5293918 Quinvarius
Quinvarius's picture

Good.  Russia can still clean out the COMEX.  The paper gold and unpayable debt ponzi schemes are why bankers want Russia out.  Russia will act in its own interests.  The western bankers are defenseless against a real market with self interested participants.

Mon, 10/06/2014 - 10:20 | 5294063 Winston Churchill
Winston Churchill's picture

I'm pretty sure thats the plan.

Putin will wait until he is forced to by the west, so he will not be blamed for all the

damage its going to cause the RoW.Even the BRICS will be hurt, just not so badly.

Nobody gets out of this unhurt, minimizing the pain is the game right now.

Mon, 10/06/2014 - 11:27 | 5294379 LawsofPhysics
LawsofPhysics's picture

"minimizing the pain is the game right now."  -- Correct, focusing on a return of Capital and not the return on Captial as much.

Mon, 10/06/2014 - 09:48 | 5293920 JustObserving
JustObserving's picture

Some countries are too big to be cut off and may set up alternate systems.  Others are not so lucky:

SWIFT financial service cuts Iran off Published time: March 15, 2012

 

SWIFT, the Brussels based clearing house, announced it will cut services to Iranian banks on foot of European sanctions, in order to comply with the EU Council. The service denial includes Iran’s central bank, which processes Iran’s oil revenues.

Some 30 Iranian banks will be blocked from doing international business.

The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is crucial to Iran’s oil and other trade. 

The EU Council decision prohibits companies such as SWIFT from continuing to provide specialized financial messaging services to EU-sanctioned Iranian banks. They, alongside the SWIFT customer community have been notified of the disconnection, which will become effective on Saturday 17 March at 16.00 GMT

http://rt.com/news/swift-iran-ban-oil-667/
Mon, 10/06/2014 - 09:53 | 5293944 NotApplicable
NotApplicable's picture

Then there was this ruling from the EU courts striking them down.

http://www.forbes.com/sites/jonmatonis/2013/02/08/eu-court-strikes-down-...

That's some muddy water being navigated by this SWIFT boat. Then again, we're talking about the "legal" system.

Mon, 10/06/2014 - 09:52 | 5293943 RazorForex
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This is precisely why cryptocurrency will flourish!! No politics, just pure math! Simple!

 

Mon, 10/06/2014 - 09:57 | 5293961 NotApplicable
NotApplicable's picture

Like anything else, as long as cryptocurrency is convertible to/from fiat, it will always be subject to exploitation politically.

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