The recent announcement about the expulsion of some Russian banks from the SWIFT system has raised alarms about the effects it could have in countries like Venezuela.
Apart from the aforementioned connection issue, there is another problem that Venezuelan funds in Russia might face. Since the news about the SWIFT disconnection of some Russian banks was revealed, the ruble has lost more than 30% of its value, hitting institutions and countries that had their savings in the form of the Russian fiat currency.
If Venezuela has funds in Russian banks, they are affected by this situation, which could worsen if the conflict in Ukraine escalates or expands. According to Juan Gonzalez, director of the National Security Council for the Western Hemisphere, these sanctions will affect other countries on the continent. Gonzalez stated:The sanctions on Russia are so robust that they will have an impact on those governments that have economic affiliations with Russia.
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