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China is Russia’s biggest export and important partner, and also operates a legitimate SWIFT alternative. China’s international payments system is called CIPS – an acronym for Cross-Border Interbank Payments System.

Will China extend financial olive branch to Russia? Why you must know what CIPS is 

Will China come to Russia's rescue with CIPS?

CIPS was created to boost the global use of the yuan, which remains small compared to the size of China&rsquo;s economy.

China is Russia&rsquo;s biggest export and important partner, and also operates a legitimate SWIFT alternative. China&rsquo;s international payments system is called CIPS &ndash; an acronym for Cross-Border Interbank Payments System. Here's all you need to know about the Chinese international payment system which could be Russia's alternative to SWIFT:
<ul>
<li>CIPS&nbsp;is a wholesale payment system authorized&nbsp;by the People&rsquo;s Bank of China, specialising in RMB&nbsp;(Renminbi) cross-border payment clearing</li>
<li>Up to now, CIPS has a total of 53 direct participants and 1,137 indirect participants (876 in Asia, including 527 Chinese mainland indirect participants, 153 in Europe, 42 in Africa, 26 in North America, 23 in Oceania, 17 in South America)</li>
<li>The average daily transaction volume of CIPS reached 317.2 billion yuan ($49 billion) in August, 2021, up from about 190 billion a year ago</li>
<li>The payments system was created to boost the global use of the yuan, which remains small compared to the size of China&rsquo;s economy. The share of yuan payments via SWIFT stood at 2.2% in July, 2021</li>
</ul>

Economic sanctions might not have deterred Russian President Vladimir Putin, but they seem to have sparked panic among common Russians.
Videos emerging online suggest that Russian citizens have been queuing up outside banks and ATMs to withdraw cash.&nbsp;
The latest move of Western allies to exclude some Russian banks from global payments system SWIFT seems to have created considerable alarm in the country. It&nbsp;has been referred to as an economic nuclear strike.
ALSO WATCH | Why this Indian student won't leave Ukraine until...
SWIFT is an acronym which stands for Society for Worldwide Interbank Financial Telecommunication.&nbsp;It is described as a secure platform for financial entities like banks to exchange information about cross-border transactions like money transfers.&nbsp;It has over 11,000 banks in over 200 countries as members.
Exclusion from SWIFT is expected to adversely affect the Russian economy by reportedly making banks rely on older technologies like phones for transactions.
Russia has reportedly been working on an alternative to SWIFT, called SPFS or System for Transfer of Financial Messages, for several years, but its coverage would be limited.

Panic in Russia, long queues outside ATMs after SWIFT exclusion of banks? Videos go viral | Ukraine war

The decision to partially cut Russia off from the SWIFT system has been referred to as an economic nuclear strike.

((ATM QUEUE VIDEO - DO NOT USE AUDIO)) https://www.reddit.com/r/PublicFreakout/comments/t2j9s1/russians_have_found_out_about_the_sanctions_and/?utm_term=1757777473&amp;utm_medium=post_embed&amp;utm_source=embed&amp;utm_name=&amp;utm_content=header
 SOURCE: REDDIT AUTHENTICITY UNVERIFIED
 Economic sanctions might not have deterred Russian President Vladimir Putin, but they seem to have sparked panic among common Russians. Videos emerging online suggest that Russian citizens have been queuing up outside banks and ATMs to withdraw cash. The latest move of Western allies to exclude some Russian banks from global payments system SWIFT seems to have created considerable alarm in the country. Viral videos, albeit unverified, showed almost interminable lines at ATM terminals. The decision to partially cut Russia off from the SWIFT system has been referred to as an economic nuclear strike. SWIFT is an acronym which stands for Society for Worldwide Interbank Financial Telecommunication. It is described as a secure platform for financial entities like banks to exchange information about cross-border transactions like money transfers. It has over 11,000 banks in over 200 countries as members. Exclusion from SWIFT is expected to adversely affect the Russian economy by reportedly making banks rely on older technologies like phones for transactions. Russia has reportedly been working on an alternative to SWIFT, called SPFS or System for Transfer of Financial Messages, for several years, but its coverage would be limited.
=====================================
CAPTIONS Viral videos allege panic among Russians Unverified videos of queues at banks, ATMs West recently partially excluded Russia from SWIFT SWIFT is a secure messaging system for banks

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Economic sanctions might not have deterred Russian President Vladimir Putin, but they seem to have sparked panic among common Russians.
Videos emerging online suggest that Russian citizens have been queuing up outside banks and ATMs to withdraw cash.&nbsp;
The latest move of Western allies to exclude some Russian banks from global payments system SWIFT seems to have created considerable alarm in the country. It&nbsp;has been referred to as an economic nuclear strike.
ALSO WATCH | <a href="https://www.editorji.com/india-news/why-this-indian-student-won-t-leave-ukraine-until-russia-war-pet-dog-kharkiv-kyiv-1645967952389" target="_blank">Why this Indian student won't leave Ukraine until...</a>
SWIFT is an acronym which stands for Society for Worldwide Interbank Financial Telecommunication.&nbsp;It is described as a secure platform for financial entities like banks to exchange information about cross-border transactions like money transfers.&nbsp;It has over 11,000 banks in over 200 countries as members.
Exclusion from SWIFT is expected to adversely affect the Russian economy by reportedly making banks rely on older technologies like phones for transactions.
Russia has reportedly been working on an alternative to SWIFT, called SPFS or System for Transfer of Financial Messages, for several years, but its coverage would be limited.

As Western governments threaten Russia with a package of unprecedented sanctions aimed at deterring President Vladimir Putin from ordering an invasion of Ukraine, there's one measure in particular that appears to strike fear at the heart of the Kremlin: cutting the country off from the global banking system by removing their access to the Belgium-based Society for Worldwide Interbank Financial Communications (SWIFT). EJ Biz explains what is SWIFT and why it is the economic 'nuclear option' UK & US are lining up. What is SWIFT?It is an electronic payment messaging system used by banks and financial institutions worldwide. Think of SWIFT as the central nervous system of international financial transactions. The messaging platform enables financial institutions to send, receive and track information about financial transactions in a secure and standardised way that facilitates the smooth flow of funds across borders. Considered the gold standard for reliability and security in financial transactions, SWIFT is used by over 11,000 institutions across 200 countries. Is the SWIFT exclusion a new threat?Calls to exclude Russia from SWIFT are not new. In August 2014, the UK appealed to European leaders to consider such an option. Alexei Kudrin, Russia’s former finance minister, then forecast that such a move could cause Russia’s GDP to shrink by 5 percent. Ultimately, the pressure campaign was dropped. Cutting Russia off from SWIFT was considered to be a major escalation, or, as then prime minister Dmitry Medvedev put it, tantamount to “a declaration of war.”What is the impact of banning a country from SWIFT?Russia is heavily reliant on SWIFT due to its multibillion exports of hydrocarbons denominated in U.S. dollars. Deja vu of Iran serving as a cautionary tale: after Iranian banks were disconnected from SWIFT, the country lost almost half of its oil export revenues and 30% of foreign trade. What actually happens?The cutoff would terminate all international transactions, trigger currency volatility also international card systems like Visa and Mastercard stop operations. So is there a backup?Russia has taken steps in recent years to blunt the trauma should it be removed from SWIFT after the threat in 2014. The Kremlin established its own payment system, SPFS but it is limited to domestic transfers and only on weekdays. But if the sanction is indeed imposed onlookers await to see the response, does Russia move to Chinese Cross-Border Interbank Payment System (CIPS) or does it do u-turn and take to the crypto world. 

Ukraine Crisis: US, Europe use nuclear economic option, Russia cut off from SWIFT

There's one measure in particular that appears to strike fear at the heart of the Kremlin: cutting the country off from the global banking system by removing their access to the Belgium-based Society for Worldwide Interbank Financial Communications (SWIFT)

EJ Explains: The SWIFT weapon in the Russia-Ukraine tension

As the western powers begin to impose unprecedented sanctions on Russia, there's one measure in particular that appears to strike fear at the heart of the Kremlin; cutting the country off from the global banking system. This would mean removing Russia's access to the Belgium-based&nbsp;Society for Worldwide Interbank Financial Communications (SWIFT).&nbsp;EJ Biz explains what is SWIFT and why it is the economic 'nuclear option' UK &amp; US are&nbsp;lining up.&nbsp;

SWIFT -&nbsp;Belgian-based&nbsp;messaging platform&nbsp;that&nbsp;facilitates cross-border payments.

As the western powers begin to impose unprecedented sanctions on Russia, there's one measure in particular that appears to strike fear at the heart of the Kremlin; cutting the country off from the global banking system. This would mean removing Russia's access to the Belgium-based&nbsp;Society for Worldwide Interbank Financial Communications (SWIFT).&nbsp;
EJ Biz explains what is SWIFT and why it is the economic 'nuclear option' UK &amp; US are&nbsp;lining up.&nbsp;
<h3>What is SWIFT?</h3>
It is an electronic payment messaging system used by banks and financial institutions worldwide. Think of <a href="https://www.editorji.com/world-news/panic-in-russia-long-queues-outside-atms-after-swift-exclusion-of-banks-videos-go-viral-ukraine-war-1645980758783">SWIFT</a> as&nbsp;the central nervous system of international financial transactions. The messaging platform enables financial institutions to send, receive and track information about financial transactions in a secure and standardised way that facilitates the smooth flow of funds across borders. Considered the gold standard for reliability and security in financial transactions,&nbsp;SWIFT is used&nbsp;by over 11,000 institutions across 200 countries.&nbsp;
<h3>Is the SWIFT exclusion a new threat?</h3>
Calls to exclude Russia from SWIFT are not new. In August 2014, the UK appealed to European leaders to consider such an option. Alexei Kudrin, Russia&rsquo;s former finance minister, then forecast that such a move could cause Russia&rsquo;s GDP to shrink by 5 percent. Ultimately, the pressure campaign was dropped. Cutting Russia off from SWIFT was considered to be a major escalation, or, as then prime minister Dmitry Medvedev put it, tantamount to &ldquo;a declaration of war.&rdquo;
<h3>What is the impact of banning a country from SWIFT?</h3>
Russia is heavily reliant on SWIFT due to its multibillion exports of hydrocarbons denominated in U.S. dollars. Deja&nbsp;vu of Iran serving as a cautionary tale: after Iranian banks were disconnected from SWIFT, the country lost almost half of its oil export revenues and 30% of foreign trade.&nbsp;
<h3>What actually happens?</h3>
The cutoff would terminate all international transactions, trigger currency volatility also international card systems like Visa and Mastercard&nbsp;stop operations.&nbsp;
<h3>So is there a backup?</h3>
Russia has taken steps in recent years to blunt the trauma should it be removed from SWIFT after the threat in 2014. The Kremlin established its own payment system, SPFS&nbsp;but it is limited to domestic transfers and only on weekdays.&nbsp;
But as the sanction is indeed imposed onlookers await to see the response, does Russia move to&nbsp;Chinese Cross-Border Interbank Payment System (CIPS) or does it do u-turn and take to the crypto&nbsp;world.&nbsp;
Also Read |&nbsp;<a href="https://www.editorji.com/business-news/markets/russia-ukraine-latest-news-that-the-market-is-reading-fresh-attacks-sanctions-and-a-bounce-in-stocks-1645757416886">Russia-Ukraine latest news that the market is reading : Fresh attacks, sanctions and a bounce in stocks</a>

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