ICYMI – China, Russia vulnerable to dollar risks as sanctions from West multiply

While we await a little more activity in the Asia timezone a catch-up piece ICYMI via Reuters on a ‘theoretical hazard for Russia and China accessing global financial payments:

  • Given the influence of the dollar and U.S. banks in global financial flows, the United States dominates the Belgium-based SWIFT financial messaging service, a network used by banks across the world to make transactions. It could in theory use this influence to reduce other countries’ access to the global financial system.

Reuters cite as an example:

  • Hong Kong leader Carrie Lam said last year she had to pile up cash at home as she was unable to open a bank account in the global financial centre since Washington sanctioned her after Beijing imposed a national security law on the city.

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