Feb
27
According to Reuters, the Russian central bank announced on Sunday that it will resume the purchase of gold on the domestic market, ie from citizens and companies, from Monday, February 28. It is taking steps to ensure financial stability during the Western sanctions against Moscow imposed on it by the West for invading Ukraine. Western countries today announced a groundbreaking measure that will effectively freeze much of Russia's $ 630 billion reserves. The central bank holds them in dollars, euros, Chinese yuan and also gold. In fact, Russia will not...
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Feb
27
The Russians are worried about Monday's fall of the ruble. Queues in front of ATMs are forming across the country on Sunday, Bloomberg reported. People want to withdraw money in foreign currency because they suspect that new sanctions against the Kremlin for invading Ukraine will lead to the collapse of their national currency. New US and European sanctions in the form of disconnecting selected Russian banks from the SWIFT international banking system and freezing Russia's central bank reserves will have devastating effects on the Russian economy, analysts estimate. They expect...
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Feb
27
What is SWIFT? The Society for Worldwide Interbank Financial Telecommunication (SWIFT), legally S.W.I.F.T. SC, is a Belgian cooperative society providing services related to the execution of financial transactions and payments between banks worldwide. Its principal function is to serve as the main messaging network through which international payments are initiated. It also sells software and services to financial institutions, mostly for use on its proprietary "SWIFTNet", and ISO 9362 Business Identifier Codes (BICs), popularly known as "SWIFT codes". Need to transfer money...
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