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  #365 (permalink)  
Old 25th October 2015, 03:46
stepanstas stepanstas is offline
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Originally Posted by Szary View Post

BTW, according to this
OEC - Ukraine (UKR) Exports, Imports, and Trade Partners Ukraine currently exports USD $15.1 billion to Russia and imports USD $23.9 billion from Russia.
Yes, and Russia also imports territory from Ukraine. Stupid move or not, Ukraine clearly does not have as many options in the world to slow Russia down. Since in large part it's left to fight it's battle on it's own, they'll do what they can. I don't have an opinion on the move but at the least let it be a reminder to people carelessly traveling back and forth between the 2 nations. There is a war going on and thousands of people are dying.
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  #366 (permalink)  
Old 16th August 2017, 15:49
Gotno Gizmo Gotno Gizmo is offline
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The Russian bank Tempbank was disconnected from the international system for the exchange of financial data SWIFT. Tells Акценти

"Tempbank", like the entire top management of the bank, is under US sanctions because of the provision of trade operations in the directions Russia-Syria, Russia-Iran. Moreover, last year a human rights agency under the aegis of the CIA threatened the management of the bank Tempbank with the imposition of personal sanctions because of cooperation with both Iranian and Syrian companies.
The Russian bank Tempbank, which, after withdrawing sanctions from Iran, opened correspondent accounts with the Iranian central bank and a number of large banks of the country, was taken into account by the human rights organization "Associations Against Iran's Nuclear Program" (UANI). In the name of the chairman of the board of Tempbank Mikhail Gagloev, a letter came in which UANI warned the Russian bank against cooperation with Iran and Syrian companies.
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Old 3rd September 2017, 18:03
Hannia Hannia is offline
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SWIFT disconnect: Why does it absolutely terrify the corrupt Russian elite?
EUROMAIDAN PRESS Andrey Shipilov 2015/02/16 - 04:02

One bank official from Cyprus* explained to me why top Russian officials, such as Medvedev, Kostin, etc., responded so nervously and irrationally to reports of a possible disconnection of Russia from SWIFT.

The fact is that while the other Western sanctions affect the Russian economy as a whole, a disconnection from SWIFT would primarily affect them personally.**

Russia’s economy without SWIFT will continue to operate, albeit with difficulty. But they–personally–without SWIFT will not be able to control their personal anonymous assets in Western banks and will lose access to them.

At present, they control their accounts in Western banks anonymously through a chain of front firms, which are impossible to trace. But their operations are completely dependent on SWIFT for operation. All of current money-laundering and anonymization schemes are dependent on SWIFT. Other such operations simply do not exist at present, and new ones can not be developed in a month. Nor in six months, either. And it is not clear that they would be possible at all.

When disconnected from SWIFT, the [corrupt elite] will either have to give up control over their anonymous assets or assume a high risk of losing their anonymity.

* Cyprus is a major offshore tax heaven for Russian cash. For more information, read Quartz’s What Russian money sloshing back to Cyprus teaches us about tax havens.

**For more information about corruption amongst the top Russian elite, watch CNN’s interview with Bill Browder, the CEO of Hermitage Capital Management, formerly Russia’s largest foreign investor, and a once supporter of President Putin. He describes the dynamics between power and wealth in Russia, claiming that during “the first eight or 10 years of Putin’s reign over Russia, it was about stealing as much money as he could. And some people, including myself, believe that he’s the richest man in the world, or one of the richest men in the world, with hundreds of billions of dollars of wealth that was stolen from Russia.”

Translated by: A. N.
Source: RuFabula.com
SWIFT disconnect: Why does it absolutely terrify the corrupt Russian elite? -Euromaidan Press |
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Old 3rd September 2017, 18:04
Hannia Hannia is offline
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SWIFT software producer stops working with two Russian banks
EUROMAIDAN PRESS 2017/08/25 - 15:22

Finastra, a company which owns the software used for SWIFT banking transactions, has ceased cooperation with Russian banks under sanctions, the Russian outlet Vedomosti wrote citing two sources who know this from Finastra and the banks.

According to them, this software is used by two such banks: the Russian National Commercial Bank (RNKB), which works in occupied Crimea, and Tempbank, which introduced a temporary administration.

Finastra, whose business is largely concentrated in the United States and Canada, told its Russian distributor, Finnet, that it will cease working with these banks from August 31, said one of Vedomosti‘s interlocutors.

There are several software options for working with SWIFT, he continues. In Russia, software from Finastra and SWIFT itself (Alliance Access) is used. According to the other, most banks in Russia and the world use software from SWIFT.

The bank can switch to another interface for access to SWIFT and make technical adjustments, which will cost several thousands of dollars. The banks need to do this by August 31 so they are not cut off from SWIFT while moving to the new software, the first interlocutor adds, the outlet wrote.

Due to uniform standards and wide coverage, SWIFT allows banks and companies to carry out financial transactions around the world. There are other ways to do this in Russia, but there are no alternatives to SWIFT for international transactions.

The Bank of Russia is a system-forming bank in occupied Crimea and operates only in Russia, said a representative of the bank, adding that it does not make payments through Western credit organizations.

According to him, the bank uses the settlement system of the Russian Central Bank.

“The business of RNKB and its clients is not affected by the termination of relations with Finastra,” added the representative of the RNKB.

He did not specify whether the RNKB will switch to other software.

Representatives of Finnet and SWIFT refused to comment. The representatives of Finastra and Tempbank did not respond to the media request.

Two weeks ago, Russian media reported that Tempbank was allegedly disconnected from SWIFT because the bank and its top management were subject to US sanctions through cooperation with Syria and Iran.

According to three interlocutors, it was only about the termination of cooperation with Finastra, and not about disconnection of the bank.

Disconnecting Russia from SWIFT had been discussed in the EU Parliament as an additional sanctions measure against Russia, which is waging a low-scale proxy war in Ukraine’s Donbas region for the fourth year in a row.
http://euromaidanpress.com/2017/08/2...russian-banks/
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Old 3rd September 2017, 18:09
Hannia Hannia is offline
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28.08.2017 | Halya Coynash KHPG ORG
Russian banks cut off from SWIFT for working in Crimea

The main Russian bank working in Russian-occupied Crimea and one other have been informed that the company providing their connection to the SWIFT network will terminate its services from 31 August. According to Vedomosti’s two unnamed sources, Finastra has taken the decision because both the Russian National Commercial Bank [RNCB] and Tempbank, in which Russia’s Central Bank has introduced temporary administration, are under international sanctions. In the case of RNCB, this is specifically over its work in Crimea.

According to one of the sources, RNCB and Tempbank differ from most other Russian banks, in that the crucial technology required for the SWIFT connection is provided by Finastra and not by SWIFT (Alliance Access) directly.

It would be possible for the banks to come to an arrangement with another provider of the software, though time is running out to do this without being cut off from SWIFT. A representative of RNCB told Vedomosti that Finastra’s decision would not impact upon the bank’s business and its clients. The person who is also unnamed was not prepared to say whether they were looking for another company to replace Finastra.

SWIFT basically enables Russian banks to offer international services, and this has been one of the main reasons why it is seen as a powerful method for exerting pressure on Russia to stop breaching international law through its ongoing occupation of Crimea and military aggression in eastern Ukraine.

SWIFT refused to block Russian use of its network over its aggression against Ukraine, though it has previously disconnected all Iranian banks. In a statement issued on October 6, 2014, it asserted that “SWIFT will not make unilateral decisions to disconnect institutions from its network as a result of political pressure. SWIFT regrets the pressure, as well as the surrounding media speculation, both of which risk undermining the systemic character of the services that SWIFT provides its customers around the world. As a utility with a systemic global character, it has no authority to make sanctions decisions.”.

This refusal and the arguments presented have up till now not been directly challenged. Finastra has, however, understood that its continued servicing of banks that are subject to sanctions for their major role in Crimea directly implicates the international company itself.

It is very clear why SWIFT does not wish to block Russian banks. Despite the relative or extreme poverty in which a huge number of Russians live, there are large amounts of money travelling abroad, and foreign companies are not too bothered where such wealth came from.

While international sanctions mostly target certain individuals, and the retaliatory measures hurt ordinary Russians, disconnection from SWIFT would hit Russia’s leaders and others directly implicated in Russia’s breach of international law over Ukraine.

They would almost certainly ‘persuade’ those responsible to release the 45 Ukrainians illegally held prisoner in Russia and occupied Crimea, as well as the over 130 POW and civilian hostages that the Kremlin’s proxies in Donbas are holding in custody.

In its excuses for not disconnecting Russian banks, SWIFT claimed that “being EU-based, SWIFT complies fully with all applicable European law”.

It seems the UK-based Finastra had reason to believe that this was not the case.
Russian banks cut off from SWIFT for working in Crimea - Human Rights in Ukraine
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