Hassan Al-Somal
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1.) EU also issue a Transaction Ban. Which mean they probably can't buy Russia gas/oil from now on (Will need to check the exemption list)
2.) This is going to be on-going, because you need to guarantee your currency every year, unless the US and EU lifted the sanction, this is going to be ongoing, Russia will not be able to buy USD/GBP/EURO/JPY this year, they will not going to buy them next year unless the sanction is lifted.
3.) That does not mean anything. IT's not like you can force the west to do business with you despite the sanction because you are number 2 largest power. This is why even people in the west find it unbelievable.
And i Can tell you that even now, their everything is crashing, people are lining up in queue on bank, stock market close, bank close. And SWIFT has been taken out means they cannot transfer and receive funding. Russia technically can use CIPS but it's 80 institution vs 11,000 in SWIFT. Go Figure....
But these sanctions will help the CIPS and System for Transfer of Financial Messages (SPFS) to add more institutions. Especially, anyone who wants to buy Russian products will have to sign up on the SPFS without the US dollar be in the middle. In the long-run, these sanctions will be a blessing-in-disguise for the Russians.