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Japan to join U.S., EU in blocking some Russian banks from SWIFT system

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Japan will freeze assets held by Russian President Vladimir Putin and other Russian government officials,

Very good!

Each country should show the russian agressors and murderer of innocent men, women and children that the world is standing against them.

24 ( +32 / -8 )

Knowing how behind the times Japanese banks are, I’m amazed they even know what SWIFT is.

-22 ( +19 / -41 )

GOOD!

19 ( +23 / -4 )

Good move. Now ban their ships from the Panama and Suez and the Isthmus in Turkey.

19 ( +23 / -4 )

David BrentToday  07:17 am JST

Knowing how behind the times Japanese banks are, I’m amazed they even know what SWIFT is.

A very condescending comment.

Have you ever worked in a bank in Japan ?

12 ( +26 / -14 )

Knowing how behind the times Japanese banks are, I’m amazed they even know what SWIFT is.

agree.

-16 ( +11 / -27 )

David BrentToday  07:17 am JST

Knowing how behind the times Japanese banks are, I’m amazed they even know what SWIFT is.

Over the weekend when SWIFT is not running, it was decided and announced. What do you mean

behind the times? Read Japan Times news title only?

0 ( +14 / -14 )

Companies that rely heavily on Russia raw materials and certain resources better brave for impact the coming days. But this is still necessary and is the right thing to do. Lives over profits.

The worst thing about this is that South Korea election candidates are actually using this whole situation to score points with voters. Their election is always so ugly. I got a good laugh out of the Lee who received massive backlash from everyone after his remarks concerning Ukraine president.

0 ( +7 / -7 )

"Read Japan Times news title only?"

You have confused the Japan Times with Japan Today. Two very different beasts.

7 ( +13 / -6 )

David BrentToday  07:17 am JST

Knowing how behind the times Japanese banks are, I’m amazed they even know what SWIFT is.

unfortunately I agree.

My bank in Japan did'nt understand last year when I asked them for their SWIFT number for my bank in Europe.

-8 ( +12 / -20 )

The EU until now was an economic giant but a small player in the military.

It is time for the European Union to build a strong armed force to stand together and support the USA against mad and evil governments from Russia and China.

13 ( +18 / -5 )

Dirk TToday  08:25 am JST

"Read Japan Times news title only?"

You have confused the Japan Times with Japan Today. Two very different beasts.

No. Japan TImes put up news titled Japan, absent from SWIFT actions yesterday which I am talking about.

7 ( +13 / -6 )

Lip service, If Japan inc. can make money, they will work around it.

-6 ( +7 / -13 )

My bank in Japan did'nt understand last year when I asked them for their SWIFT number for my bank in Europe.

Impossible, maybe clerks didn't catch your accent

3 ( +15 / -12 )

Let’s just hope Mizuho Bank isn’t leading this movement.

-2 ( +8 / -10 )

Another step in the right direction. Hopefully Europe will cut off Russian natural gas imports and restrict their airspace.

12 ( +17 / -5 )

Very strange that Germany and Italy has done a complete U turn on removing SOME Russian banks from SWIFT. The key word here is “some” so the Russian bank that have not been remove are the same banks Germany and Italy deal with. At the time Germany change its policy on giving Ukrain leathal weapons. Before the SWIFT decision Germany policy was non leathal weapons. What under the table deal has been struck with Germany and Italy. I wonder???

-1 ( +2 / -3 )

Japan will freeze assets held by Russian President Vladimir Putin and other Russian government officials

I'm sure Japan is the go-to place to keep assets...

1 ( +4 / -3 )

David BrentToday  07:17 am JST

Knowing how behind the times Japanese banks are, I’m amazed they even know what SWIFT is.

Your comment exposes your extreme ignorance about international trade and business.

Banks in Japan have been using SWIFT since 1981.

11 ( +17 / -6 )

Russia will probably move to the CIPS system and if that gives the CIPS system the needed weight for the USD to be pushed off the top as the world currency of exchange, it will be a very bad thing for the USD and anyone holding USD.

Anyway, the EU took energy policy advice from a high school girl and is now in deep trouble.

-12 ( +5 / -17 )

proxyToday  10:22 am JST

Russia will probably move to the CIPS system and if that gives the CIPS system the needed weight for the USD to be pushed off the top as the world currency of exchange, it will be a very bad thing for the USD and anyone holding USD.

Anyway, the EU took energy policy advice from a high school girl and is now in deep trouble.

Well said.

-9 ( +2 / -11 )

Japan will freeze assets held by Russian President Vladimir Putin and other Russian government officials, Kishida said.

Perfect. Great Move.

5 ( +6 / -1 )

SWIFT has been around for a while, even Mizuho has it. Not sure of what the consequences are for Russia by freezing assets in Japan, but hopefully it makes a big enough impact to stall the war until a peace agreement has been made.

5 ( +7 / -2 )

It is time for the European Union to build a strong armed force to stand together and support the USA against mad and evil governments from Russia and China.

and they have they just announced theyll increase their military spending to 2% of GDP, thanks Putin youve just started another arms race, and its not just the US youve got to worry about now

4 ( +6 / -2 )

@David Brent

Knowing how behind the times Japanese banks are, I’m amazed they even know what SWIFT is.

Back in Europe, I worked in 2 Japanese banks from 1993 to 2004 and can definitely vouch they were using SWIFT. Heck, writing and later releasing the SWIFT-messages was my first job.

Your comment exposes your extreme ignorance about international trade and business.

To be more specific and avoid misunderstandings for those not in the knowledge: SWIFT is not a commercial trade tool or even a tool open to anybody to use. SWIFT is an interbank tool used only by financial institutions who each have a SWIFT ID (not open to registration by the non-financial public/companies) and which uses formatted message-templates to cover for an array of interbank transactions (e.g. money transfer, loans, taxes, etc) with said interbank transactions covering for the own needs of SWIFT-member banks, but also the financial needs of private persons, companies and also governments who are the customers of said SWIFT-member banks and have financial transactions they want to fulfill.

As such, like the banking industry, does SWIFT provide to yes, trade and business, but via the usual array of services provided by banks, as well as also provides to day-to-day financial needs of private citizens and governments.

Therefore, Russia being locked out is severely going to impact day-to-day life and functioning of Russian citizens, Russian companies and the Russian state overall. Workaround do exist (e.g. China seems to have developed the CIPS-system which only works for RMB-currency), as does one precedent: Iran, which also got locked out under Trump in 2018. Has Iran gone bankrupt: no, but life in Iran has increasingly become harder for all, so sanctions do bite and will be very disruptive.

SWIFT is actually also what the crypto-industry is indirectly trying to kill off by bypassing the system via decentralization with one argument being the cost (fee) taken by each SWIFT-member bank when processing / passing on the SWIFT-message to fulfill the complete transaction, this as one transaction may require several intervening bank in the process (and, yup, everything does have a cost).

Wiki has a page on SWIFT, but I believe Investopedia to be more "practical" in its explanations.

https://www.investopedia.com/articles/personal-finance/050515/how-swift-system-works.asp

1 ( +2 / -1 )

blueToday  11:35 am JST

Your comment exposes your extreme ignorance about international trade and business.

To be more specific and avoid misunderstandings for those not in the knowledge: SWIFT is not a commercial trade tool or even a tool open to anybody to use. SWIFT is an interbank tool used only by financial institutions 

Anyone who is versed in international trade and business would be aware that Japanese banks have been using SWIFT for a long time. i remember SWIFT codes on my telex copies with Fuji Bank in 1988. Well before they ever became Mizuho.

4 ( +7 / -3 )

russia hasn’t attacked japan. Nobody in japan knows where Ukraine is or their Nazi past. Ukraine is on the other side of the world. Maybe most posters use trains or bicycles, but I have to buy petrol. And food is 20% up. It’s tough.

why do we have to be involved in this war?

-6 ( +5 / -11 )

What under the table deal has been struck with Germany and Italy. I wonder???

Sigh. No secret deals. The Germans and Italians became the objects of public derision for their apparent weakness. Other national governments such as US, Canada and UK leaned on them publicly to agree to remove Russian banks from SWIFT, as were the governments of Poland, Latvia, Lithuania and Estonia.

2 ( +5 / -3 )

I can’t believe to see all these pro Putin supporters here.

I give up posting here.

Some of you people make it sound that is all an evil scheme from the West and now you even call Ukraine’s government a regime.

Then keep high the Soviet/Russian flag and move all to Moscow.

I stand for democracy and for the independence of Ukraine.

5 ( +9 / -4 )

Now the Ukrainian regime will pay for its crimes. Good.

Charming. Unsurprising that after a few days thinking that you've gone 'all in'. You might as well, you've been so up to your neck in Putin for years, I imagine it's hard to pull yourself out.

You predicted for weeks that this invasion wouldn't happen. You've been so wrong.

4 ( +5 / -1 )

My bank in Japan did'nt understand last year when I asked them for their SWIFT number for my bank in Europe.

Re: SWIFT

By the way, You would surely find their SWIFT codes in each one of Japanese banks in their HP as long as

your bank provide the service of overseas remittance. no sweat.

1 ( +3 / -2 )

Morons. Pushing Russia ever closer into an alliance with CCP China is precisely what we should NOT want. But apparently collective insanity has taken over.

Of course, Xi Ji Ping is more than happy to get fuel and food from Russia. Let prices go stratospheric in the West!

-6 ( +0 / -6 )

The world needs to quarantine itself from the virus that is Russia until the Russian people rise up and overthrow Putin. Until then they cannot be allowed to participate in humanity. No sports no banks no trade nothing. They are toxic.

5 ( +6 / -1 )

The "Arab Spring" thing ain't gonna' happen in Russia.

-5 ( +0 / -5 )

Apparently Putin thought he could take Ukraine in 48 hours. Whoops. Fail. Turns out Putin is as delusional to how the world works as Trump was. No matter they were so buddy buddy in secret, burning the talking notes afterwards.

5 ( +6 / -1 )

why do we have to be involved in this war?

They came for the socialists and I said nothing, because I was not a socialist.

They came for the Jews and I said nothing because I was not a Jew.

They came for Ukraine, and I said nothing because I need petrol for my car.

Then they came for me ….

3 ( +6 / -3 )

The "Arab Spring" thing ain't gonna' happen in Russia.

If it doesn’t, Putin is going to start a nuclear war. So let’s all hope that his own people take him out sooner than later - because nuclear war will literally rip Russia off the face of this earth. Better to die trying to take our Putin’s regime than have your entire nation obliterated because your leader is a madman who will start a nuclear war.

4 ( +5 / -1 )

Morons. Pushing Russia ever closer into an alliance with CCP China is precisely what we should NOT want. But apparently collective insanity has taken over.

Of course, Xi Ji Ping is more than happy to get fuel and food from Russia. Let prices go stratospheric in the West!

Putin is the moron here, he has basically decided to turn Russia into an economic vassal state of China, all for the sake of impotently spiting the free world and Ukraine. Now that Russia can't sell or buy things from anywhere else China will now have Russia as a captive state that it can dictate terms of its economic relations to, all in favor of China.

Russia under Putin is now useless as an economic power, and showing itself to be incompetent as a military one as well. Not sure how much the Chinese even want it, but let them have it.

3 ( +4 / -1 )

Stranger: I think the same but Putin or Trump don’t or didn’t have the release mechanism. They give the order to release but that don’t mean the people who actually do the releasing of nuclear missiles are going to. I doubt very much that Putin actually knows the procedure so he can’t really do much unless the blokes train to release are Putin lackeys which I also doubt. The heads of the military would not place a bloke in that position unless the Generals can control them. The same would apply for the USA when Trump was the President.

-1 ( +0 / -1 )

Breaking Putin! Russian ruble plunges nearly 30% against the dollar amid sanctions over Ukraine invasion/''The ruble was trading as low as 119 per dollar as offshore trading started on Monday morning during Asia hours, from nearly 84 per dollar the previous day, according to Factset data.''

https://www.cnbc.com/2022/02/28/russian-ruble-dives-nearly-30percent-against-the-dollar-amid-sanctions-ukraine-crisis.html

The name of the Russian currency is now pronounced "rubble".

6 ( +6 / -0 )

It is time for the European Union to build a strong armed force to stand together and support the USA against mad and evil governments from Russia

you are correct, & thanks to Putin, they will be doing exactly that. Even Germany, who has been embarrassingly slack with regards to their military, announced they are increasing their military spending.

3 ( +3 / -0 )

Morons. Pushing Russia ever closer into an alliance with CCP China is precisely what we should NOT want. But apparently collective insanity has taken over.

Putin is cutting off his nose to spite his face.

@rainyday summed it up well - there’s always a price to pay & Putin will owe China big time.

Xi will squeeze as much out of him as he can

4 ( +4 / -0 )

Nobody in japan knows where Ukraine is or their Nazi past.

please enlighten us about Ukraine’s nazi past

4 ( +5 / -1 )

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