The Risks of a Devaluation of the Ruble

Frances Coppola and Joseph Wang break down the true implications and mechanics of sanctions against Russia.

Key learnings include:

1) SWIFT isn't a payment rail, it's a messaging system.

2) The sanctions on Russian commercial banks don't go into effect until March 26 and contain many loopholes

3) The sanctions on the Russia's Central Bank were declared by governments but *require* action from Fed + ECB

4) The U.S. Treasury provided Russian commercial banks with a diagram teaching them how to circumvent its own policy

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