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“We’ll find ourselves under the thumb of the Chinese!” What awaits Russia after disconnecting from SWIFT


If disconnected from SWIFT, Russia will have to turn to China for operations, which will increase the country’s dependence. Publicist, Doctor of Economics, Professor Nikita Krichevsky announced this to “Arguments of the Week”.
"We will find ourselves under the thumb of the Chinese!" What awaits Russia after disconnecting from SWIFT

SWIFT is an international interbank system for transferring information and making payments. In the West and in Ukraine, demands have repeatedly been made to disconnect Russia from SWIFT as part of tougher sanctions. According to the first deputy chairman of the Bank of Russia Olga Skorobogatova, the regulator does not yet see the risks of such actions for Russia, however, a system for the transmission of financial messages has been created, which works for domestic Russian operations.

Economist Nikita Krichevsky recalled that SWIFT includes 11 thousand banks and companies, and Russia “will be bad” if disconnected from it.

“In addition to 300 Russian companies and banks, Sberbank’s settlement system includes only six foreign ones. God forbid, if this happens, especially on our initiative, we ourselves and of our own free will find ourselves under the thumb of the Chinese! ” – the professor is sure.

According to him, there are quite a lot of companies that carry out calculations “not just every day,” but “literally online”. And their possible slowdown, which will inevitably occur if Russia is disconnected from SWIFT, will not greatly affect such companies.

Therefore, they will insist on carrying out their transactions through a similar system that is already operating in China, and to which Russia is connected, the doctor of economic sciences is sure.

“But the Chinese at the level of the state, their People’s Bank, refused to enter our similar system,” said Nikita Krichevsky.

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