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Mar 01, 2022

Cutting Russian Banks From SWIFT Will Give Bitcoin Another Chance – Will It Work?

By Dowse B. (“Brad”) Rustin, IV
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With the U.S. and its allies cutting Russian banks from SWIFT – the system that allows banks to execute transactions safely and efficiently – experts question if it will be enough to end Putin’s invasion of Ukraine.

Brad Rustin, partner and chair of Nelson Mullins’ Financial Services Regulatory Practice, told International Business Times that while cutting Russia off from SWIFT will have severe economic consequences for the country, Russia does have other ways to deal with the situation. The System for Transfer of Financial Messages, for example, “is maintained by the Central Bank of Russia and was developed following the Crimean sanctions programs,” he said.

Related Professionals
Dowse B. (“Brad”) Rustin, IV
Managing Director
Washington, DC
Send EmailT 864.373.2320

These materials have been prepared for informational purposes only and are not legal advice. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Internet subscribers and online readers should not act upon this information without seeking professional counsel.

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