EMerging Equity
SWIFT
Iran: Opposition To Western Sanctions In The Banking Sector
By Oleg Reschikov The Islamic Republic of Iran has for many years suffered from significant multifaceted pressure from the West. Persistence and resourcefulness has allowed Iranian businesses and Iran as a whole to skillfully overcome the barriers erected by US and European sanctions. With the resumption of Iran’s nuclear program in 2005, the ring of sanctions … Continue reading
Chinese Yuan Now Top 5 Major International Payment Currency
The Chinese currency is the 5th most-used currency in international payments, according to the SWIFT network responsible for international financial transactions. Breaking into the top 5 is symbolic to balance dollar-denominated payments. In 2014, yuan payments doubled by 102 percent, and increased by 20.3 percent in December alone, compared to the same time period last … Continue reading
Russian PM Vows ‘Unrestricted’ Response If Banned From SWIFT International Payment System
Russia’s response to a possible cut-off from the SWIFT international banking payment system will be “unrestricted,” Prime Minister Dmitry Medvedev vowed. The West is pushing for hitting Moscow with more sanctions as the Ukraine crisis deteriorates. “We will see what happens, but of course if such decisions are made, I want to note that our … Continue reading
MasterCard To Process Payments Through Russia’s Localized System
MasterCard will process payments across Russia through the country’s new National Payment System, as Russia is stepping up efforts to make its financial network more independent from the West. Russia’s National Payment System and MasterCard signed an agreement on December 30, the Central Bank of Russia said in a statement on Monday. This means MasterCard … Continue reading
Moscow’s Response To Economic Warfare: Central Bank Of Russia Launches SWIFT Alternative For Domestic Payments
The Central Bank of Russia (CBR) has launched a new SWIFT-style payment service aimed at moving away from Western financial dominance. The system is already operating, and will be fully functional within six months. “The new service was launched in order to ensure smooth and safe transmission of financial messaging within the country, and is … Continue reading
Russia To Have Its Own International Inter-Bank System By May 2015: CBR
Russia plans to launch its own international inter-bank system by May 2015. The country desperately is trying to detach from the international system in order to gain more independence and wants to be prepared for the worst case scenario in case of possible ”challenges” from the West. “Given the challenges, Bank of Russia is creating its … Continue reading
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