“If one were to cut Russia off from the international financial system, for example by taking Russia out of the SWIFT system of international payments or by denying Russia access to international capital markets, for example by preventing it from converting Russian rubles into dollars American, will it hit Russia effectively. ”
“But there is another danger in that,” Van Hoof warns. You threaten to force Russia into a pariah role in the global economy. An outcast could be acting strangely.”
Herein lies the danger of pushing Russia toward China. As a result, you risk creating an economic axis between Russia and China, which is trying to develop an alternative to the current financial performance of the global economy. For example, Russia could use the Special Program for Food Security, which is an alternative to the Swift system it has been developing since 2014.
Van Hoof concludes, “So you have an additional problem, because you want them to remain integrated into the global economy because our companies have a stake in that. They are still very interesting export markets for our products and services.”
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