BIDEN'S THREATS WILL NOT SCARE PUTIN

Biden threatens Putin with economic sanctions. These include excluding Russia from using the SWIFT system.

The fake news reporting of Biden’s threats highlight Biden’s threat concerning the Swift system.

The Swift system is simply an international money transfer messaging system.

It allows members banks and financial institutions to send messages to each other which contain information on how money should be transferred from accounts to other accounts.

Money is not sent. Just information on how and when the transfer of money should be made.

Again, SWIFT is just a messaging system.

It does not hold any funds or securities.

It does not manage or control client accounts.

Prior to SWIFT, these money transfers were done by Telex.

If Russia is excluded from SWIFT, there are other systems that Russia can use. Although slower and more cumbersome, they will be effective.