Interesting times ahead ! Russia Launches Own 'SWIFT' Service, Links Up 91 Credit Institutions Almost 91 of Russia's credit institutions have been incorporated into a newly launched Russian domestic 'SWIFT' analogous. Ekaterina Blinova Almost 91 domestic credit institutions have been incorporated into the new Russian financial system, the analogous of SWIFT, an international banking network. The new service, will allow Russian banks to communicate seamlessly through the Central Bank of Russia. It should be noted that Russia's Central Bank initiated the development of the country's own messaging system in response to repeated threats voiced by Moscow's Western partners to disconnect Russia from SWIFT. Russian Prime Minister Dmitry Medvedev meeting with ministers Moscow Promises 'Unlimited' Response if SWIFT Limits Operations in Russia SWIFT (The Society for Worldwide Interbank Financial Telecommunication) is a Belgium-based international organization that provides services and a standardized environment for global banking communicating that allows financial institutions to send and receive messages about their transactions. Joining the global interbank system in 1989, Russia has become one of the most active users of SWIFT globally, sending hundreds of thousands of messages per day. In general, SWIFT provides a secure communication network for more than ten thousands of financial institutions around the world, approving transactions of trillions of US dollars. West to Face Risks If Disconnects Russia From SWIFT Payment System Earlier this month Russian Deputy Prime Minister Igor Shuvalov expressed confidence that Russia would not be disconnected from SWIFT. In her turn, Russian Central Bank First Deputy Chair Ksenia Yudaeva called upon Russian civilians and financial institutions not to dramatize the current situation. Russian experts point to the fact that Western businesses would face severe losses if they expelled Russia from the international SWIFT system. On the other hand, the alternative system launched by Russia might reduce the negative impacts caused by measures imposed by the West, including possible disconnection from SWIFT, and diminish Western financial dominance over Russia. http://sputniknews.com/business/20150213/1018240631.html
This is worth listening to. [youtube]http://www.youtube.com/watch?v=84MsRuC-1l8[/youtube] If the Russians want to get involved in international payments clearance they might want to deal with the fact you have to have a connection with Russian gangsters and bribe the right people to stay a)Alive b)With some assets c)Out of prison I would not use a Russian payment clearance system if they gave me free roubles to use.
No wonder Jim Rogers says he'd love to invest in Russia but he doesn't know how to get the money out! A real eyeopener. Thanks.
"Gorbachev says Putin's inner circle is 'full of thieves' " [youtube]http://www.youtube.com/watch?v=BsnGG_Zj2T0[/youtube] If anyone trusts a Russian alternative to Swift - then they should know what will be running it [youtube]http://www.youtube.com/watch?v=1w8zME-uDtw[/youtube]
Well, the established western financial system is also run by thieves... Question is, are the two sets of thieves just different arms of the same master?
If you are trying to say the level of corruption that is endemic in Russia is mirrored in western countries like France, Germany, the USA, Australia etc. countries you are deluded or know nothing about modern Russia. You can't do business as an SME in Moscow without paying a bribe and protection money. Neither do tax lawyers get beaten to death for representing their clients. I disagree fundamentally with your proposition which is basically 'yes Russia sucks, but so does everywhere' on the basis that in actuality Russia is a complete gangster state - has demonstrated itself as such repeatedly and the degree of blatant multi million theft, criminality and murder would not in fact do unaddressed in other countries. Do spend a year investing in Moscow with your life savings if you disagree. You will return broke, dead, or you won't return at all as you will be in prison.
I went to school with a bloke who's dad was one of the first to go back & try to set up a business back home He was kidnapped & held for 12 months ,they took the $500k he did have And were demanding another $1million to let him go It took 12 months to convince them he didn't have anymore $ left He was kicked out the door & had to find his own way home :/ Welcome home comrade
Fair call. Violence is obvious and corruption is common. Still happens outside Russia, though, it's just called something else. The inverted totalitarianism of lobby driven democracy and media manufactured consent is more sophisticated and subtle, but still evident. Western countries are not above finding justification for imprisonment for political means, nor the fleecing of it's citizens within a systematic legal framework, though the morality remains questionable. Perhaps we are the lesser of two evils, I can only assume it based on the common western narrative of a nation I have no personal experience in. A wise historical dude once said something about being without sin before casting a stone, and though our shit might have a different flavour it still stinks.
Criminality and corruption may exist worldwide but it is endemic in Russia to a degree that makes Russia a very poor place to do business. This is why Russia is ranked repeatedly by every body that looks at corruption internationally as extraordinarily bad, throw in the Russian mafi ('thieves world') and it's strong ties to the oligarchy and state and you have a truly rotten business environment. Here is a ranking example https://www.transparency.org/cpi2014/results Note the rating for Russia is getting worse not better and it now ranks lower than Nigeria. Again as I say - I utterly refute your suggestion that there is a comparison between the blatantly obvious corruption and criminality endemic in Russia and somewhere like the UK, France, Germany, Australia USA etc. You either don't know anything about modern Russia or perhaps you are a Russian 'patriot' that as usual is denying publicly what would be confirmed in private conversation. The notion of the Russian state running a bank clearing system is a joke to anyone except the most ardent 'RT' (Russia Today - state propaganda) viewer.
Just to be clear - I'm not pro or standing up for Russia. It's not a one to one comparison. My assertion is that the guilt of Russia does not imply the innocence of the west.
You are beginning to sound like a putinbot. Russia ranks lower than Nigeria on corruption rankings and Russian organised crime runs the financial sector there. The idea of a Russian state run bank clearing system is a joke except to the most brainwashed Russia Today viewer. The reality is there is no comparison between the level of organized crime, corruption and state involvement in Russia and the west.
You said most of that already, and I didn't dispute it. "No comparison" is a strange way to define the difference between two systems though, it seems to imply they are the same, which I thought your previous statements were denying.
I suspect there is one rule for russians, one rule for foreigners, and another rule for sovereign states - and oligarchs have no rules. In other words, two out of three are losers.
