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View Full Version : Could I still use my debit/credit card if SWIFT system were blocked?



swampwiz
01-09-2014, 16:37
I was reading that the Western powers are considering implementing this. What would this mean for the little buy using his debit/credit card?

Delta268
01-09-2014, 17:01
Nothing as such. Different system

Remington
01-09-2014, 23:11
Nothing as such. Different system

Nothing but they're not far behind BUT Russia could retaliate by banning Mastercard/Visa in Russia or force the banks in Russia to convert all foreign currency accounts into Rubles at unfavorable exchange rate.

penka
02-09-2014, 09:20
SWIFT deals with money transfers, not with credit/debit cards transactions. And yes, the UK proposes that sanction against the RF as I've written in another thread (article in English).

Banning MasterCard/Visa? Highly unlikely in the near future, as there is no alternative. And even if there is, hypothetically, it is not possible to implement it overnight.

penka
02-09-2014, 09:21
SWIFT deals with money transfers, not with credit/debit cards transactions. And yes, the UK proposes that sanction against the RF as I've written in another thread (article in English).

Banning MasterCard/Visa? Highly unlikely in the near future, as there is no alternative. And even if there is, hypothetically, it is not possible to implement it overnight.

Remington
02-09-2014, 12:12
Banning MasterCard/Visa? Highly unlikely in the near future, as there is no alternative. And even if there is, hypothetically, it is not possible to implement it overnight.

Highly unlikely? Russia did ask Visa/Mastercard to set aside unreasonable high amount of deposit to continue operating in Russia. Visa/Mastercard almost refused to comply. As far as I know Russian government wants to create their own network beside Visa/Mastercard so its very possible that Russian government can ban it if they want. Russia wants nothing to do with American Imperialism and they suspect CIA is behind everything even McDonald's. Russia has become quite toxic politically lately so there's no telling what the government will do next.

US also could sanction Visa/Mastercard from operating in Russia if possible sanctioned SWIFT fail to persuade Russia to de-escalate. That's why I said Visa/Mastercard isn't that far behind.

penka
02-09-2014, 12:31
Highly unlikely? Russia did ask Visa/Mastercard to set aside unreasonable high amount of deposit to continue operating in Russia. Visa/Mastercard almost refused to comply. As far as I know Russian government wants to create their own network beside Visa/Mastercard so its very possible that Russian government can ban it if they want. Russia wants nothing to do with American Imperialism and they suspect CIA is behind everything even McDonald's. Russia has become quite toxic politically lately so there's no telling what the government will do next.

US also could sanction Visa/Mastercard from operating in Russia if possible sanctioned SWIFT fail to persuade Russia to de-escalate. That's why I said Visa/Mastercard isn't that far behind.

I've said "highly unlikely in the near future", not unlikely per se. Creating Russia's own payment system and implementing it takes time. Just like it takes time to establishing the production and delivery of American shell gas to Europe.

As for the SWIFT, that is going to be funny. How Eurocountries are going to pay for, say, gas? Charter planes to bring cash into the RF to buy roubles from Central Bank?

Benedikt
02-09-2014, 21:00
As for the SWIFT, that is going to be funny. How Eurocountries are going to pay for, say, gas? Charter planes to bring cash into the RF to buy roubles from Central Bank?[/QUOTE]



no need to carry a huge amount of money in cash. or they come with a credit card for a zillion $$$ that needs no SWIFT.

Suuryaa
02-09-2014, 21:20
How Eurocountries are going to pay for, say, gas? Charter planes to bring cash into the RF to buy roubles from Central Bank?

I've seen somewhere they started producing shell gas in Poland.

Remington
02-09-2014, 21:21
SWIFT is off the table. EU said revoking SWIFT for Russia will be too drastic.

penka
02-09-2014, 22:24
SWIFT is off the table. EU said revoking SWIFT for Russia will be too drastic.

What a surprise.

I suppose the legislative stipulation on preventive use of tactic nuclear weapons got nothing to do with anything.

Remington
02-09-2014, 22:35
What a surprise.

Yeah. I wasn't expecting that they'll follow thru but it serves a reminder to Russia and financial institutions that EU could still consider it in the future if upcoming sanctions doesn't work.

penka
03-09-2014, 01:37
Yeah. I wasn't expecting that they'll follow thru but it serves a reminder to Russia and financial institutions that EU could still consider it in the future if upcoming sanctions doesn't work.

RF does' even need to remind it can switch off the gas when it will get cold.