Harley Balzer, an expert on Russia and Russian-Chinese relations and Professor Emeritus at Georgetown University, published a blog drawn from Balzer’s new Atlantic Council report, “Axis of collusion: The fragile Putin-Xi partnership.”
In this blog H. Balzer is discussing how Russia may suffer in case sanctions that include cutting it off from SWIFT.
The global SWIFT system remains the most influential system of financial transactions. As a consequence, excluding Moscow from the system would sting dearly.
While Russian has attempted to reduce its dependence on the SWIFT system, it remains vulnerable. Combined with enhanced sanctions on technology that Russia cannot obtain from China, financial sanctions of this kind would have a serious long-term impact.