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Instructions:
New England Russian Invasion of Ukraine Discussion Term Paper
Discussion Assignment
In light of the Russian invasion of Ukraine, and the EU response to agree to exclude a number of Russian banks from SWIFT, please respond to the following:
You will be expanding on this discussion in your memo this
Peer responses
respond to each of the two students and use 150-200 words when responding. Start of by saying (Hello name)
Chase
Top of FormSWIFT (Society for Worldwide Interbank Financial Telecommunication) is globally known as a protected and secure platform. Its main purpose is for member financial institutions to share and exchange information and global monetary transactions. Ironically SWIFT does not move the money itself, rather it becomes a middleman to connect all 11,000-plus banks. SWIFT is based/headquartered in Belgium, but is
allied with other countries for their central banks including Canada, France, Germany, etc.
As I can see, Iran was the last country to be cut of or removed from the SWIFT. Ultimatley it resulted into losing about a third of its foreign trades. It generally was a factor due to the Iranian nuclear program as well as terrorism. It let Iran barter trade as well as busting sanctions. Nonetheless, the sanctions were impose so the resilience and integrity in both the financial systems and global service power.
In accordance to Russia, this will defenitly negatively hit their economy hard. And while SWIFT was the transactions powehouse, money arangements will for now have to be used by fax machines and telephones. A formal Russian Central Bank chairman said “there is going to be a catastrophe on the Russian currency market on Monday” (The Indian Express). Now Russia does have a reserve waiting of around $630 billion in wake of the previous sanctions on Russia in 2014, so that may come in handy for them.
When it comes to global trading, loyalty is not very common. So, in my opinion yes, this will likely cause internal resistance to the leadership in Russia. Because this action will limit Russian resources to become transported due to monetary agreements. For BRIC (Brazil, Russia, India, and China) sepecifically, I do not think it will blow up, but the trades and transactions will certainly increase with Russia being cut out for now.
Of course, any trade or other agreements that the U.S. has made with Russia previously will be haulted unless SWIFT and other institutions return Russia back into the system. But as I recently found out, the U.S. along with the EU are actually barring Russian banks from the SWIFT. So maybe the impact may be a liitle less than expected for us.
Janel
Society for Worldwide Interbank Financial Telecommunication aka SWIFT is a global banking communication system. It is used for cross-border communications and transactions. It is essentially the main artery for monetary and communication transactions between countries. By removing Russia from this, it is intended to freeze their business assets and communications from accessing, sending, and receiving. (Kiger, 2022)
It is not a guarantee that this will cause as much internal disruptions as intended. Russia instituted their own source of transactional system called Mir. They can also call on countries that have not imposed sanctions such as China to move funds. Still, it will cause billions of dollars in losses however will not totally cripple them.
It will cause economic disruptions in the Russia as well as any country who cuts them off. Russia is the main supplier of oil in Europe as well as other major exports. Prices will most likely skyrocket in those countries, which effectively would ripple throughout other countries.
The US and Japan have gone ahead and disconnected from some Russian banks within SWIFT. These banks will be prevented from sending international reserves. It is still up to the European Union to determine which specific banks will be cut off. (Kiger, 2022)
I think this is one step to take. It appears that the US is being very thorough with any decisions it makes. I think that Putin is obsessed with power and taking control of the Ukraine. I think he honestly believes that it is his right to gain control, as it is rightfully Russia’s. The Ukraine is a threat to Russia’s internal control. If Ukraine starts to succeed as it owns independent country, it could start to cause questions regarding Putin’s control. The US needs to tread carefully as the removal of Russia from Swift could affect the US’s position within SWIFT themselves. The US banks rely on this global reserve currency. It could also just be the catalyst needed for Russia to declare war with the US, initiating WWIII.
As we read this week, even the smallest change in the foreign exchange market can make a drastic difference in exchange rates, and movements. Also everything is interconnected and any affect within the global market will have a ripple effect throughout
Week 5 Assignment: Country Memo
Continue your research on the country you selected in Week 1. In light of the Russian invasion of Ukraine, and the EU response to agree to exclude a number of Russian banks from SWIFT, as well as other sanctions, please respond to the below questions. It is necessary for you to consider the ethical implications in your responses for the purpose of this assignment.
Prepare a memo in APA format that answers the following questions:
Week 5 Quiz
Covers all the material from Week 5
New England Russian Invasion of Ukraine Discussion Term Paper
RUBRIC |
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Excellent Quality 95-100%
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Introduction
45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Literature Support 91-84 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met. |
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Average Score 50-85% |
40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided. |
83-76 points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration. |
52-49 points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met. |
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Poor Quality 0-45% |
37-1 points The background and/or significance are missing. No search history information is provided. |
75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration. |
48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met |
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New England Russian Invasion of Ukraine Discussion Term Paper |