[throwhauser]

That makes no sense. If Russia had an effective way to conduct its business without SWIFT in the event of sanctions, it would also have a way to conduct its business outside of SWIFT any time it has something to hide.

To follow your analogy, if they had a separate office in a separate building that they could use in the event that they get kicked out of the bugged office, they would already be using it whenever they wanted additional privacy.

The only way SWIFT actually forces Russia to be visible is if it's their only option, so no visibility can be lost if they're cut off.

[dsl]

Think of SWIFT like the internet. You can build your own new internet, but you also need everyone else to connect to it as well. If a Russian oligarch wants to transfer money to a Swiss bank to buy a new boat, they'd need to convince that Swiss bank to be part of the new network as well.

At a practical level, swapping out SWIFT would be like changing the engine in your car. You can do it, but doing so is time consuming and prone to risk. Running more than one at a time just isn't feasible.

[FpUser]

>"Running more than one at a time just isn't feasible."

When it comes to money everything is feasible. Banks would use a many systems as needed and will build something on top that will make operations look uniform

[rr808]

> Think of SWIFT like the internet. You can build your own new internet, but you also need everyone else to connect to it as well.

Yes, but if you include China, Russia, Venezuela, Iran, Sudan, Syria that's like 2 Billion people.

CIPS already has big Western banks as part owners. https://www.reuters.com/article/china-banks-clearing-idUSL3N...

[treis]

>If a Russian oligarch wants to transfer money to a Swiss bank to buy a new boat, they'd need to convince that Swiss bank to be part of the new network as well.

I don't think it's about being actually able to send a message. It's having the transfer of dollars recognized. Say I send $50 million from my account at Sberbank to UBS and then try to transmit from UBS to my boat builder in the Netherlands. That won't work because UBS won't get $50 million added to their balance sheet because other banks don't recognize the Sberbank -> UBS transfer since it's not on SWIFT. To them, UBS will be trying to spend money it doesn't have and the transfers will get rejected.

In short, No SWIFT = No Dollar transfers outside the country.

[anonporridge]

SWIFT is more like an AOL intranet. It only kinda works because America's global military dominance forces everyone to use it. But it's not actually as great as it could be if it was an actual internet that was open and permissionless for all to plug into.

If only we had a monetary network that was open and permissionless...