Cuba is crossing its fingers on this one. "euro-swift"

[El Presidente]

While focus has been on the use of the proposed new system for companies doing business with Iran, this would be a huge gamechanger for Cuba allowing unfettered money in and out.

 

Switzerland Would Join Alternative to US-Dependent Payment System – Ambassador

© AFP 2018 /

BUSINESS

15:59 05.10.2018Get short URL

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The internationally acknowledged banking center has joined the voices from across Europe about creating an independent analog for the Society for Worldwide Interbank Financial Telecommunication (SWIFT) amid US anti-Iran sanctions. Russia, which has already created its own system, voiced readiness to cooperate within a “euro-SWIFT” system.

Swiss Ambassador to Moscow Yves Rossier has affirmed that his country can join other states in setting up an independent alternative the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

“If there are any new developments in the financial sector, we will closely monitor them, but this is clearly a matter for reflection in the EU, not in Switzerland… But if a new payment system appears, every country will take part in it, including us, of course, why not,” the diplomat told Sputnik.

Later a spokesperson for the German finance ministry also confirmed the European plan to legislate a special purpose financial vehicle, according to German news outlet Spiegel. The EU special purpose financial vehicle will keep the cash inside the economic bloc and away from US-controlled global money-transfer networks, including SWIFT, while also avoiding the use of any bank afraid of being locked out of doing business with US financial markets.

[hedgeybaby]

All fantastic news and there needs to be serious competition for SWIFT but anyone who decides to use this to circumnavigate U.S. imposed sanctions will soon find themselves locked out of the U.S. dollar payments system. 

Uncle Sam doesn't take kindly to those who a.) Try and get around sanctions and b.) Most importantly,  anyone who tries to de-dollarise. Just ask Messrs Hussein and Gaddafi. 

The  U.S. dollar is one of the most crucial aspects of the U.S. hegemony. 

[El Presidente]

2 hours ago, hedgeybaby said:

All fantastic news and there needs to be serious competition for SWIFT but anyone who decides to use this to circumnavigate U.S. imposed sanctions will soon find themselves locked out of the U.S. dollar payments system. 

Uncle Sam doesn't take kindly to those who a.) Try and get around sanctions and b.) Most importantly,  anyone who tries to de-dollarise. Just ask Messrs Hussein and Gaddafi. 

The  U.S. dollar is one of the most crucial aspects of the U.S. hegemony. 

All agreed. 

But it can't happen fast enough.  If I want to transfer X to purchase Cuban cigars from Y then I should be able to do it without any subterfuge. 

As an example, If you put on a transfer from HSBC or Lloyds to a distributor that you were purchasing Cuban Cigars you run the real risk of the transfer being stopped. 

Actually HSBC will no longer do it. 

[hedgeybaby]

1 hour ago, El Presidente said:

All agreed. 

But it can't happen fast enough.  If I want to transfer X to purchase Cuban cigars from Y then I should be able to do it without any subterfuge. 

As an example, If you put on a transfer from HSBC or Lloyds to a distributor that you were purchasing Cuban Cigars you run the real risk of the transfer being stopped. 

Actually HSBC will no longer do it. 

It's all disgusting and all because of something that happened an age ago.