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18 February 2020

Turkey Throws Another Wrench Into the USD's Works and Joins Russian Swift - Bitcoin News

Turkey Throws Another Wrench Into the USD's Works and Joins Russian Swift - Bitcoin News

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Turkey Throws Another Wrench Into the USD's Works and Joins Russian Swift.

Turkey is now joining Russia’s version of Swift to trade with Moscow directly in rubles and liras.

Moscow and Ankara have long since put the incident with the Russian fighter jet Turkey downed over Syria four years ago behind them.

And president Trump recently tweeted that he “will totally destroy and obliterate the Economy of Turkey” if Ankara “does anything that I, in my great and unmatched wisdom, consider to be off limits.” His message was issued on the backdrop of pressure from his own Republican Party and congressional leaders to impose sanctions on Turkey over the purchase of Russian military equipment, as the law now requires.

Erdogan’s numerous and friendly handshakes with Russian President Vladimir Putin didn’t help either.

The rapprochement between Turkey and Russia has catalyzed trade between the two countries over the past few years, with Turkish contractors building infrastructure for the Sochi Winter Olympics and Russia’s giant Gazprom completing Turk Stream, a natural gas pipeline that runs through the Black Sea.

According to an announcement by the Russian finance ministry, issued October 4, Minister Anton Siluanov signed an agreement with the Turkish side to start using the ruble and the lira in cross-border payments and settlements, Reuters reported this past Tuesday.

As part of the agreement, Turkish businesses and banks will now connect to the Russian version of Swift and introduce Russian Mir cards in Turkey, an alternative to Visa and Mastercard.

Disagreeing with the Trump administration’s decision to pull out of the Iran nuclear deal and reintroduce sanctions against the Islamic Republic, the European Union announced its own Swift alternative in January.

Instex, or Instrument in Support of Trade Exchanges, was developed by France, Germany, and the United Kingdom to facilitate non-dollar trade with Iran.

And in March, a central bank official in Moscow revealed several Russian banks had joined the Cross-Border Interbank Payment System (CIPS), China’s version of Swift?

Thinking about Swift and its alternatives as well as other fiat currencies that could challenge the dollar’s dominance as a reserve currency, all of them part of geopolitical weaponry, some questions arise?

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