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ARTICLE · 17 MARCH 2022

Fintales Issue 16: March 2022

Ikigai Law
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Ammunition, turns out, comes in many shapes and sizes. There's missiles, tanks, Molotov cocktails and threats from Ukrainian grandmothers.

IndiaTechnology
Ikigai Law
Ikigai Law
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Ammunition, turns out, comes in many shapes and sizes. There's missiles, tanks, Molotov cocktails and threats from Ukrainian grandmothers. And then there's payments infrastructure. Governments and corporates across the world are fighting back against Russia's (or Putin's) war by cutting off their access to money. Access to payment infrastructure has become the weapon of choice to deter Russia's invasion of Ukraine.

Visa, Mastercard and other payment companies suspended their services in Russia. And several Russian banks were disconnected from SWIFT - the network underpinning global cross-border payments. SWIFT functions like a secure messaging system for financial transactions. Without it, moving funds in and out of Russia is complex and costly. It can still be done, but it's a whole lot harder. Russian banks could rely on alternatives, like Russia's own 'System for Transfer of Financial Messages' (SPFS). Or China's Cross-Border Interbank Payment System

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