Today an article ran in multiple Chinese state media outlets exploring the partial sanctions preventing some Russian banks from using SWIFT, the cross border payment messaging system. As we previously reported, China is involved in cross border digital currency research initiatives which could reduce the impact of possible future SWIFT bans.
The state press article discusses the partial Russian SWIFT ban but makes no mention at all of the Ukraine war.
“Given the wanton manipulation by the West, the credibility of SWIFT has been questioned, and international attempts to ‘de-SWIFT’ have never stopped,” states the article. “If the SWIFT system continues to become a Western sanctions tool, its credibility will continue to be lost.”
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