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On Sept. 30, the head of Russia‘s second largest bank stated in an interview that it will take only two to three years before the Rouble could be completely disconnected from the dollar and Swift system, and become fully convertible in transacting direct trade in the Russian currency. Andrey Kostin, the head of Russian bank VTB, pointed to America’s part in the Ukraine conflict as the catalyst for Russia now deciding to pursue a path away from the dollar and towards one where the U.S. cannot use SWIFT and other forms of economic warfare to restrict nations in their pursuit of free global trade.
Swift is the primary conduit which the U.S. uses to facilitate the purchasing of dollars by other countries to allow them to buy oil and other commodities under the reserve currency system. However, with the creation of the BRICS bank earlier this year, and the construction of their own form of SWIFT, Russia is now poised to disconnect from the Western controlled swap system at any time.
RT: The media has reported on the possibility of the US and EU widening sanctions to exclude Russia from the SWIFT global money transfer system.
Kostin: the move would become “a point of no return” and that any further dialogue would be impossible if SWIFT was cut off.
However, replacing SWIFT within Russia won’t be difficult, as we have a [similar] system at the Central Bank of Russia and others. The Central Bank has tested this system, and we can switch to it at any moment.
Two to three years would be enough time for Russia to switch to international settlements to the ruble. – Russia Today
Many of the moves currently taking place by Russia, China, and other BRICS nations is a direct result of America and NATO’s interference in Ukraine, and their imposed economic sanctions on Russia and high level Russian oligarchs. These restrictions are leading Russia to not only oppose the proprietary reserve currency and petro-dollar system, but provide the potential for all nations to have an alternative in trading for oil, natural gas, commodities, and eventually, all trade goods.
While Russian banker Andrey Kostin gives a modest outlook of two to three years before a complete disconnect could be achieved away from dollar hegemony, prior moves within the Eurasian and BRICS partnerships have come much faster and much more decisive. And should the world achieve that point of critical mass, where a majority of nations are willing to bypass the dollar for international settlement and instead accept the Rouble or Yuan as an equivalent trade currency, then the end of the dollar as the reserve currency would occur in a much faster time frame.
Source: http://www.examiner.com/article/russia-banker-two-to-three-years-needed-to-be-totally-disconnected-from-dollar