RT — US dollar payments from Crimea blocked by Western banks - media

Western banks are reportedly refusing to transfer foreign currency payments from Crimea via the SWIFT transaction system.

All but guarantees the emergence of a dual banking system and subsequently dual financial and economic institutions, one under the rules set by the West and the other by the ROW.

The Central Bank of Russia launched in December a new SWIFT-style payment service aiming to move away from Western financial dominance. The system has already started operating and is said to be more convenient for banks as they won’t have to reconfigure their software.

RT
US dollar payments from Crimea blocked by Western banks - media

The US already sees it coming. Unwilling to cut others in in the deal, the West is killing the goose the lays the golden egg for it.

President Barack Obama intensified his push for a Pacific trade pact on Monday, warning that without it, China could come to dominate the region by using its size to “muscle other countries in the region around rules that disadvantage us.”

“If we don’t write the rules, China will write the rules out in that region,” Obama said in an interview with The Wall Street Journal. “We will be shut out — American businesses and American agriculture. That will mean a loss of U.S. jobs.”

Politico

Trade deal needed to curb China, Obama says