Comment by culi
8 hours ago
That's not how US sanctions work. When the US sanctions something, nobody is allowed to donate to them. Basically any country that trades with the US (most) has to follow according to their trade deals. Any bank that wants to be in SWIFT must block any transfers
> Any bank that wants to be in SWIFT must block any transfers.
Given that SWIFT is headquartered in Belgium and Italy's major bank is one of the 24 banks on the SWIFT board, how does this "blockade" in SWIFT happen? Is the inference that all of the banks bow down to the US, even though the US only represents 2 out of the 24 banks on the board?
The US can say any bank that does business with SWIFT may not do business with the Federal Reserve. We all know who will win that battle - the one where the money is, like always.