This is important:
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.
Much of the West’s power comes from our financial hegemony. Our
ability to cut people off from loans, payments and so on. Since this
new system is Russian only, it isn’t, right now, that big a deal.
But start connecting other countries to it, say China, Iran, India and so on, and it becomes a way of breaking financial blockades. Include some calculable financial law (less of a challenge than it used to be as New York and London courts make increasingly punitive decisions), and start lending in Yuan (with which one can buy much of what one needs in the world, since the Chinese make so much of it), and you have a fully credible financial system.
But start connecting other countries to it, say China, Iran, India and so on, and it becomes a way of breaking financial blockades. Include some calculable financial law (less of a challenge than it used to be as New York and London courts make increasingly punitive decisions), and start lending in Yuan (with which one can buy much of what one needs in the world, since the Chinese make so much of it), and you have a fully credible financial system.
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