Book contents
- The Russia Sanctions
- The Russia Sanctions
- Copyright page
- Contents
- Acknowledgments
- Introduction
- 1 Before the Invasion
- 2 Invasion
- 3 The Financial Sanctions and Impact on the Global Financial System
- 4 Extraterritoriality
- 5 The Energy Problem
- 6 Trade as a Weapon
- 7 Food Insecurity
- 8 The Oligarchs, and Others
- 9 Escalation
- 10 Enforcement
- 11 Assessing the Sanctions
- Conclusion
- Appendix Selected Jurisdictions/Countries Joining in the 2022 Sanctions Response to Russia
- Notes
- Index
3 - The Financial Sanctions and Impact on the Global Financial System
Published online by Cambridge University Press: 14 December 2023
- The Russia Sanctions
- The Russia Sanctions
- Copyright page
- Contents
- Acknowledgments
- Introduction
- 1 Before the Invasion
- 2 Invasion
- 3 The Financial Sanctions and Impact on the Global Financial System
- 4 Extraterritoriality
- 5 The Energy Problem
- 6 Trade as a Weapon
- 7 Food Insecurity
- 8 The Oligarchs, and Others
- 9 Escalation
- 10 Enforcement
- 11 Assessing the Sanctions
- Conclusion
- Appendix Selected Jurisdictions/Countries Joining in the 2022 Sanctions Response to Russia
- Notes
- Index
Summary
This chapter provides an in-depth look at how the sanctions regulations have affected finance and currency flows around the world. It examines SWIFT, the inter-bank worldwide messaging system, and how certain Russian banks were eventually banned from the platform. The chapter discusses correspondent banking, in which banks hold accounts for each other, and payment systems, which serve a variety of functions including facilitating the conversion of currencies. It examines how the sanctions disrupted the ability of Russian banks to carry out business using these tools.
Keywords
- Type
- Chapter
- Information
- The Russia SanctionsThe Economic Response to Russia's Invasion of Ukraine, pp. 27 - 39Publisher: Cambridge University PressPrint publication year: 2023