Have inhibited the country’s ability to make international.
Payments Russia’s new Swift replacement called SPFs will be integrated with similar systems in China and Turkey yea the SAFS it’s a competing system to Swift no it was SPFs we talked about it on Sunday yes.
Remember the sierra papa Foxtrot Sierra SPSS like that statistical package for the Social Sciences what what I find interesting is I don’t I think.
That that Iran has been taken off the Swift payment messaging network otherwise how could these other exceptions.
The president talked about it we heard earlier there are some exceptions who are still allowed to vote to buy oil so they must.
They must be doing that through the Swift system I doubt that you know whoever what company was it I think it France still had a few uh.
They’re allowed to buy a little bit of oil from Iran I doubt that they’ve been that you know this is not going through the Swift Network so somewhere someone’s full of crap also.
The Swift Network is laughable because I really want to understand how it works it’s so it’s worse it’s just a secure messaging system and so if I’m transferring money to you then let’s just say.
You’re in a different country doesn’t really matter it still use the same system then all that really goes to your bank is a message saying Adams sent a hundred dollars to your bank what.
Happens on the back end is more interesting and this is why you have to be a member of the Swift system everyone has an account with everybody else so what would actually take place is a few days later during some kind.
Of settlement even though you’ve received that that money in your account they actually transfer money from their account at whatever your bank is into your account.
At your bank and if you were send something to me it would actually be your bank has an account with my bank and they’d put something from their bank account into my account at my bank it’s a very very antiquated system especially if you look at what you know Bitcoin can do as an example which the Russians are.
Talking about you know they’re talking about master chain using that blockchain to.
Replace with and here’s Deutsche Welle as a report and Iran says that it is working with Europe to set up a mechanism to bypass those sanctions let’s bring in Brussels correspondent teri Schultz teri could this.
Happen the European Union maintains that it will happen just Friday federica mogherini EU foreign policy chief and the governments of France Germany and the UK said that their resolve to both maintain the nuclear deal with Iran and to maintain economic support for European companies doing business in Iran is unwavering so the European Union says it’s setting up this so-called special purpose vehicle which would allow payments to go in.
And out of Iran and bypassing US sanctions that’s how how its envisioned and the EU maintains that this is going to happen although it’s not operational today at the same time the.
US has yet another lever and that is to demand that Swift.