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The weaponization of global payment infrastructures: a strategic dilemma

  • The sixth sanction package of the European Union in the context of the aggression against Ukraine excludes Sberbank, the largest Russian bank, from the SWIFT network. The increasing use of SWIFT as a tool for sanctions stimulates the rollout of alternative payment information systems by the governments of Russia and China. This policy white paper informs about the alternatives at hand, as well as their advantages and disadvantages. Careful reflection about these issues is particularly important, given the call for an “Economic Article 5” tabled for the next NATO meeting. Finally, the white paper highlights the need for institutional reforms, if policymakers decide to return SWIFT to the status of a global public good after the war.

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Author:Andreas NölkeORCiDGND
URN:urn:nbn:de:hebis:30:3-647338
URL:https://safe-frankfurt.de/policy-center/policy-publications/policy-publ-detailsview/publicationname/the-weaponization-of-global-payment-infrastructures-a-strategic-dilemma.html
Parent Title (English):SAFE white paper ; No. 89
Series (Serial Number):SAFE white paper series (89)
Publisher:SAFE
Place of publication:Frankfurt am Main
Document Type:Working Paper
Language:English
Year of Completion:2022
Year of first Publication:2022
Publishing Institution:Universitätsbibliothek Johann Christian Senckenberg
Release Date:2022/06/27
Tag:Financial Markets; Policy Center; Russia; SWIFT; Sanctions; Ukraine
Issue:June 2022
Page Number:12
Note:
The German Research Council DFG has supported related research under the grant number NO 855/855/7-1 (https://statecapfinance.com/).
Institutes:Gesellschaftswissenschaften
Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS)
Wissenschaftliche Zentren und koordinierte Programme / Sustainable Architecture for Finance in Europe (SAFE)
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
Sammlungen:Universitätspublikationen
Licence (German):License LogoDeutsches Urheberrecht