JPMorgan: Kicking Russian off SWIFT could have far-reaching fallout that could hurt the global economy and undermine the purpose of the penalties.

(Bloomberg) — JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said disconnecting Russian banks from the SWIFT messaging system may bring “unintended consequences” that include third parties finding ways around the penalty. “What countries do you hurt? What people …

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Banning Russia from SWIFT could severely hurt the dollar’s status, as Russia would shift to China’s Cross-Border International Payments System (CIPS), boosting the renminbi’s status.

Banning Russia from SWIFT could severely hurt the dollar’s status, as Russia would shift to China’s Cross-Border International Payments System (CIPS), boosting the renminbi’s status. Via @paulbuitink https://t.co/XWMeinH4al — Jan Nieuwenhuijs (@JanGold_) February 26, 2022

SWIFT on the table.

SWIFT on the table. https://t.co/FVJ0u5pl9B — annmarie hordern (@annmarie) February 26, 2022 Adding some flava pic.twitter.com/akhlNRMB07 — Chris Weston (@ChrisWeston_PS) February 26, 2022