My understanding is that the impact of Russian banks' exclusion from SWIFT is overrated but that the sanctions against Russia's Central Bank are much harder to overcome and cut to the very bone of the nation's economy, writes freddoso.
You may have wondered what exactly the consequences are of the sanctions placed upon Russia following its war against Ukraine. My understanding is that the impact of Russian banks' exclusion from SWIFT is overrated but that the sanctions against Russia's Central Bank are much harder to overcome and cut to the very bone of the nation's economy.
It almost sounds ridiculous to say it, but most Americans, especially under age 30, don't even have the first idea what happens in a situation when their plastic cards don't work — when they need cash. I recently had a situation along these lines. I needed $200 in cash for a large quantity of firewood. But I did not plan well: I forgot to bring my bank card with me while on vacation. I only had credit cards.
Had I been living and banking in the world of 1970, I probably would have entered this situation better prepared, knowing I would need the cash in my pocket. I would have planned better in advance. You should probably feel a little bit sorry for the average Russian consumer right now. He or she can't even use electronic means of payment — credit cards, Apple Pay, and all the rest. Meanwhile, cash, to quote Humphrey Bogart, isn't even accepted at the bar. And something more complicated, like getting a mortgage? Yeah, right.As NATO shies away from helping Ukraine, citing the possibility of a larger war, this is a reminder of Medieval times.
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