Yeah we are going to crush Russia’s economy. Actually no, their entire banking system will shift to the Chinese UnionPay system, through Chinese regulated banks. And they will replace Western Credit Cards with Chinese issued cards processing through the same CCP controlled network. The SWIFT sanctions will push foreign countries dependent on various Russian exports (not just oil) to establish UnionPay processing arrangements, outside of the SWIFT system and US retaliation.
Playing right into China’s hands. And you can bet that this contingency was set up, just waiting to flip the switch, as part of coordination between Putin and Xi before combat ever started…
Russia will turn to the Chinese banking system. Russia will dump cheap oil and coal on China. With this, China will manufacture more with cheap energy and cheap labor (or slave labor). We will buy these manufactured goods at Walmart. China will get our money. They will use that money to pay Russia for….
Oh most definately, it is one of China’s major strategic objectives to change the majority of global payment transactions from Western the Western controlled SWIFT system to UnionPay, which they control. Don’t be surprised when Mastercard, VISA and American Express seek to issue their cards through Chinese Banks under UnionPay. Otherwise they miss out on all the transaction fees.
They want that… To hasten countries dependent on trade with them to establish GlobalPay channels outside of SWIFT and hasten the neutralization of SWIFT and US/Western control over international finance.
the assumption that would happen with anyone outside their orbit besides russia is rather wild. we need to put tier 3 sanctions on russian energy. if china doesn’t like it they can sell their crap somewhere else. except of course that anywhere that can buy it would be with us, cause they have to sell their crap too. if not to the us and eu, who the ■■■■ will they all sell it to?
Money is not the only currency that can be used to settle accounts. The value of goods can be pegged to a quantity of oil. It can also be denominated in Renminbi. This is no where near as hard as people think, and China has been laying the groundwork for years.