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Visa, Mastercard block Russian financial institutions after sanctions

reuters.com

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Re: Visa, Mastercard block Russian financial institutions after sanctions

#171

Post by sudosysgen »

kasey_junk wrote: post #170
sudosysgen wrote: post #168

Earlier quoted context omitted.

Russian banks are joining CIPS now, and likely other countries will as well. You're getting money to Chinese banks because presumably you are buying something from someone that has an account there, not for safeholding.

It’s going to take a long time for international companies to get the yuan/cips/China bank corridor working, those relationships don’t get built quickly and most places that aren’t dealing directly with China don’t bank there (as opposed to the UK, Ireland or other countries that act as banking nexus’. Those Chinese banks can’t even be used for traditional style fx management because you’ll have to double fx from loc…

No, Russian banks are also joining CIPS, so there is no need for double Forex.

Chinese banking has actually spread around the world a lot more than you'd think. They aren't starting from zero.

And also, CIPS software-wise is designed to be a plug-in replacement for SWIFT.

Re: Visa, Mastercard block Russian financial institutions after sanctions

#172

Post by vagrantJin »

stormking wrote: post #120
imwillofficial wrote: post #25

Earlier quoted context omitted.

I don’t get comments like these. Does Putin strike you as an overly emotional guy who gets frustrated easily? My take is that he is cold and calculating. Not one I’d take lightly.

Yes, he and especially his fans have been working on establishing the image of a strategic mastermind. But in reality, he's just a short, puffy old man, living in ridiculous kitschy palaces, sitting on ridiculous long tables because he's afraid of even his most loyal underlings. With attacking Ukraine, he made a huge mistake. He simply counted on the west doing nothing, as usual, but this time he went too far. But be…

> He simply counted on the west doing nothing, as usual

Looks like he was right.

I don't think a man who has run Russia for decades will suddenly have a brain fart and attack another sovereign state on a whim. Think carefully.

Think very carefully.

Re: Visa, Mastercard block Russian financial institutions after sanctions

#173

Post by dragonwriter »

neuronic wrote: post #156
dragonwriter wrote: post #96

Earlier quoted context omitted.

> The "Ukraine as a neutral state" angle sounded plausible maybe 5 years ago. But the fact is that Putin started a war despite no significant recent change in Ukraine's relationship with NATO or EU. Escalated an existing war that has lasted more than 5 years, and which certain NATO members have been very clear is why Ukraine wasn't being allowed to advance in its quest for membership.

If you're implying that Ukraine has recently escalated "a war lasting 5 years" then that's fundamentally ridiculous and you should be extremely embarrassed. But maybe I read that wrong? In that case I apologize. Aggression is very very clearly ONLY coming from the Putin inner circle thugs who sacrifice Russian lives to kill Ukrainians and unlawfully attack a sovereign state, recognized as such by the entirety of the…

> If you're implying that Ukraine has recently escalated

The subject of the sentence that I posted the correction to was “Putin”, not “Ukraine”, and the correction was to the verb phrase, from “started a war”, to “escalated a war...”, not to the subject.

So, no, I’m directly stating that Putin escalated war he’s been waging since 2014, not “implying” that Ukraine escalated anything.

Re: Visa, Mastercard block Russian financial institutions after sanctions

#174

Post by modo_mario »

abofh wrote: post #30
donw wrote: post #5

sigh Fifty years ago, the dollar had value because America was the one-stop-shop for everything. Cars, electronics, appliances, all of it. Nowadays, that's China. China makes everything, or the parts to make everything, and increasingly to a higher standard than can be produced in the US. Go watch Project Farm and think on those results. The dollar has value now because it functions as a medium of exchange. That's it…

SWIFT is a Belgian corporation that is not tied to a specific currency. Kicking them out of SWIFT has nothing to do with USD hegimony. China and Russia do have a competing system, it's used by China and Russia. Moreover, Russias currency and market have been in a downfall for a month, not a week - that its actions _have_ long term consequences is exactly the point. Now, please remember, there's a whole planet out the…

>SWIFT is a Belgian corporation that is not tied to a specific currency. Kicking them out of SWIFT has nothing to do with USD hegimony.

Not in this case given that Belgium and the rest of Europe also wants it. ...but I distinctly remember us not wanting to ban Iran from SWIFT and bowing to US pressure on the matter

Re: Visa, Mastercard block Russian financial institutions after sanctions

#175

Post by modo_mario »

donw wrote: post #5

sigh Fifty years ago, the dollar had value because America was the one-stop-shop for everything. Cars, electronics, appliances, all of it. Nowadays, that's China. China makes everything, or the parts to make everything, and increasingly to a higher standard than can be produced in the US. Go watch Project Farm and think on those results. The dollar has value now because it functions as a medium of exchange. That's it…

Fifty years ago the US and allies forced Japans arm exactly because the US was not the one-stop-shop for everything and the US had trouble and a massive trade deficit with japan which was experiencing the reverse.

Forced technology transfers, bad monetary policy, quotas for US tech, cars, etc in their domestic market. Japan was forced to take it all as they had no comparable export market to switch to (the USSR and co were a nono, china and such poor), no independent army and foreign policy of their own and all in all no way to resist and was thus very susceptible to a tradewar.

Re: Visa, Mastercard block Russian financial institutions after sanctions

#176

Post by kasey_junk »

sudosysgen wrote: post #171
kasey_junk wrote: post #170

Earlier quoted context omitted.

It’s going to take a long time for international companies to get the yuan/cips/China bank corridor working, those relationships don’t get built quickly and most places that aren’t dealing directly with China don’t bank there (as opposed to the UK, Ireland or other countries that act as banking nexus’. Those Chinese banks can’t even be used for traditional style fx management because you’ll have to double fx from loc…

No, Russian banks are also joining CIPS, so there is no need for double Forex. Chinese banking has actually spread around the world a lot more than you'd think. They aren't starting from zero. And also, CIPS software-wise is designed to be a plug-in replacement for SWIFT.

If I’m a modern treasury that needs to do business in Russia the China corridor requires me to fx to yuan and the fx yuan to ruble. As of now both of those currencies are hard to fx. It’s also hard (relatively) to setup Chinese accounts.

I work in the industry and have seen Chinese banking normalize a bit especially in Africa but comparatively it is tiny and hard to manage. Singapore for instance is a more likely spot to setup banking operations for most companies.

The issue is that these are long term trends. It will take decades to make China a finance nexus on the order of modem banking centers in the west and that presumes China continues to liberalize their currency and finance regime which is not the current trend.

Re: Visa, Mastercard block Russian financial institutions after sanctions

#177

Post by tomatotomato37 »

demadog wrote: post #6
karamanolev wrote: post #3

Earlier quoted context omitted.

True. That part is beyond what's required by law, right? It also promised to contribute a $2 million for humanitarian relief.

That’s the equivalent of me giving $2

It's in American dollars, not rubles

Re: Visa, Mastercard block Russian financial institutions after sanctions

#178

Post by imwillofficial »

rib3ye wrote: post #165
imwillofficial wrote: post #28

Earlier quoted context omitted.

Except this isn’t the case at all. Modern Russia, and Modern China are as tight as ever. Being driven closer by the West.

The is where I’ll agree with Putin that our deceitful western media is trying to create tension with the east. /s Russia is not even a Top 10 GDP economy.

What does that have to do with the west driving China and Russia into each other’s arms?

Re: Visa, Mastercard block Russian financial institutions after sanctions

#179

Post by cutemonster »

ajsnigrutin wrote: post #97
rosndo wrote: post #95

Earlier quoted context omitted.

Even if you disagree about that, could you really imagine NATO attacking Russia? E: Unfortunately can’t reply below because of HN throttling, but yes, a month ago I moved several of my employees out of Ukraine because of Russian troop buildup on the border. Wars don’t start overnight, everyone who hadn’t buried their head in sand knew this was a likely outcome.

Could you really imagine russia attacking ukraine a month ago?

Putin did already, year 2014

Re: Visa, Mastercard block Russian financial institutions after sanctions

#180

Post by throwaway09223 »

phantomathkg wrote: post #38
throwaway09223 wrote: post #27

Earlier quoted context omitted.

The point is that it's not newsworthy. None of this is.

What would be newsworthy then?

The fact that there are sanctions is newsworthy.

Enumerating the effect of the sanctions is not. We do not need a thousand articles stating that companies have complied with the law. We already know all of this.

A donation of $2m for humanitarian aid is similarly not noteworthy, for exactly the reasons described above.

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