[AltaGuy]

Originally Posted by devo22

it will eventually get done, this is just a stalling tactic. Don't underestimate how dependent our countries are on Russian gas, unfortunately ...

https://www.protocol.com/policy/russ...ne#toggle-gdpr

Fearing crypto and China, the US hesitates to pull Russia’s SWIFT access

Yet for all the aggressive posturing, the U.S. coalition has seemingly backtracked on SWIFT, deciding not to block Russian access to the international payments communication system. Pundits have come to refer to SWIFT sanctions as “the nuclear option.” But some policy experts say this characterization is wildly overstated, arguing instead that SWIFT sanctions wouldn’t be nearly as effective as those directly targeting Russian banks.

So why are sanctions against Russian banks still on the table, while cutting off SWIFT access has been deemed a step too far? There’s a simple answer: Removing Russian access would constitute an economic shock that U.S. politicians and corporations would rather not instigate.

There’s a more complicated and consequential explanation, however, that has to do with anxiety over the U.S. dollar’s status as global reserve currency. SWIFT sanctions, rather than being a “nuclear option” thwarting Russia, could be the first domino in a sequence of events that bolster China- and Russia-backed alternative digital payment systems.