In a concerted effort to isolate Russia from the global financial system, the West, led by Washington, has been closing loopholes that Moscow had previously exploited to circumvent sanctions. These measures are showing signs of effectiveness as workarounds Russia found, including using digital assets and sourcing restricted goods such as Western microchips & telecommunications equipment through third countries, are being targeted. The Wall Street Journal reports that the U.S. pressure has led to one of the UAE's largest banks cutting back cooperation with Russians. Additionally, Russia has introduced digital assets into its legislation for international settlements and a bill to apply money laundering controls to digital Ruble transactions, indicating a shift towards alternative financial mechanisms in response to the sanctions. The scholarly literature suggests that 'SANCTIONS = A MILLION WORKAROUNDS = RARELY WORK'.
#Russia Introduces Bill to Apply Money Laundering Controls to Digital #Ruble Transactions #CBDC https://t.co/LVfiILkTPJ
When the West tried to sever Russia from its financial system, Moscow found workarounds. Washington’s efforts to close loopholes are working. https://t.co/NuzuLyc9ca You can do this with Russia now, but other countries will get skeptical about the US controlling global payments.
Russia has introduced digital assets into its legislation as a means of payment for international settlements. Follow the facts… Points are slowly starting to connect.
💸 One of UAE's largest banks curtails cooperation with Russians under US pressure – WSJ https://t.co/2Yn0aoZZ2q
The @WSJ reports that Russia is sourcing "Western microchips & telecommunications equipment that it can’t buy directly via other countries.” The scholarly literature makes it as clear as the nose on your face that SANCTIONS = A MILLION WORKAROUNDS = RARELY WORK.…
The banking loopholes Russia has used to stay afloat are closing https://t.co/gvjoNxqWqd
Russia’s Backdoor to the Global Banking System Is Slamming Shut. @WSJ https://t.co/1F5WZ06z0a
Russia’s Backdoor to the Global Banking System Is Slamming Shut - WSJ https://t.co/lYpqv5zh2F
Russia, quiet business. The regulator is not regulating, but trying to shh that Russian trading partners are not exposed. Translated: > The Central Bank asked banks not to talk publicly about their international partners and the mechanisms for settlements with them. In a letter…
When the West tried to sever Russia from its financial system, Moscow found workarounds. Now, Washington’s efforts to close loopholes appear to be paying off. https://t.co/C98KIl5Fzn https://t.co/C98KIl5Fzn