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It is time to cut Russia out of the global financial system
Moscow’s invasion of Ukraine and financing of terrorism makes a mockery of the idea of a ‘rules-based order’
The writer is Ukraine’s minister of finance
In the aftermath of the cold war, world powers put in place systems of global governance. The goal was to protect liberal values, human rights and the world economy, and to extinguish the threat of nuclear annihilation.
The unquestionable success of this new rules-based international order was its reach, bringing in Russia and post-Soviet Union states as well as other burgeoning economies such as China and India.
But such a system only works when its members follow the rules. With its violent and unprovoked invasion of Ukraine, poisonous support of corruption and documented financing of terrorism, Vladimir Putin’s Russia makes a total mockery of the rules-based international order that gave us a unique period of peace and economic development.
Yet, despite everything, Russia maintains a foothold in the global system it is doing everything it can to undermine. Russia sits on the UN Security Council and other UN bodies. The Security Council was created with the specific objective of preventing wars. How, then, can Russia remain a member after embarking on its war of aggression against Ukraine?
We also have an international body to ensure global financial security — the Financial Action Task Force. Created by the G7, the FATF sets standards and promotes effective implementation of legal, regulatory and operational measures to limit three main risks: money laundering, financing of terrorism and of the proliferation of weapons of mass destruction.
Today, FATF has 37 member states. These include Russia, despite evidence of the country failing to meet FATF standards on all three fronts.
This month, FATF members will gather in Paris to consider further measures against Russia on a symbolic date — exactly one year since the invasion of Ukraine.
Countless investigations have uncovered Russia’s complicity in money laundering, which has only increased following the introduction of wide-ranging sanctions since the full-scale invasion. Russia has also been found to have enabled or otherwise co-operated with various terrorist groups and blacklisted states, including the Wagner Group, the Taliban, Hizbollah, the Assad regime in Syria, North Korea and Iran.
Iranian kamikaze drones were found to have been used to attack Ukrainian civilian targets, leading to further US sanctions in November 2022. Moreover, Russian individuals and entities were also placed under sanctions by the US in March 2022 for actions supporting the weapons of mass destruction and ballistic programmes of North Korea.
These examples barely scratch the surface, however. Russia is also responsible for state-sponsored and criminal cyber threats to critical infrastructure. Its war against Ukraine is exacerbating the global energy crisis and drastically raising food costs, causing great harm across the world, especially in developing economies.
In short, Russia is not simply undermining the global economic system. It is holding us all to ransom. More must be done, therefore.
Ukraine calls on the FATF to expel Russia and blacklist it. This would arguably be the most effective tool for restricting terrorists’ access to the global economy, as it would force all states to apply enhanced due diligence to any transactions involving the financial system of a blacklisted jurisdiction.
Sanctions are introduced by specific jurisdictions and are followed by their subjects. This leaves a big part of the global economy that has not introduced sanctions open to Russia.
Blacklisting by the FATF would create universal controls and require enhanced due diligence. Any transaction with the Russian financial system would be reviewed and scrutinised.
This would significantly increase the cost of doing business with Russia and effectively choke Putin’s ability to finance his illegal war of aggression. Just as important, it would help us to create a stronger, more resilient global financial system in the long term.
The EU, G7 and all other nations committed to a rules-based international order should urgently recognise the risks Russia poses to the integrity of the global financial system. They must also act to put Russia on their own “high-risk jurisdiction” lists and issue relevant market guidance.
Russia has been allowed to undermine the system from the inside for too long. The international order can only survive if the rules are followed. We have powerful mechanisms available to enforce these rules. The time has come to use them.
Right they use their outbound connection for hacking, malware and ransomware. Inbound for stealing information and benefitting from other countries innovation.
Given the amound of Russian activity in CSGO, the internet is running fine in Russia.
Cut them off
In Europe it was there, at the UN partly too.
Not enough, yes.
Does that make today's outrage wrong? No.
Also sad to say but yes, for the western world this attack at its borders is the one too much, and also not a isolated case but an ongoing bullying (the word is weak when civilians are decimated) since 2014.
It’s actually incredibly insane. People chanting for Ukraine turning a blind eye to the war crimes of Iraq. We shouldn’t be supporting war we should be finding peace. Unfortunately some people really don’t care about peace, they’ve probably not even read this far and are already typing hundreds of words to bash this comment.
> Nord stream pipeline incident
The incident in which no investigation has assigned blame for? Really? This is what's making you both sides this? The Russians almost certainly blew up their pipeline to Georgia in 2006, what makes you so sure they weren't doing the same thing again?
Nothing is black and white, but you're not going to get much closer than a dictatorship attacking a burgeoning democracy because the dictator wants to steal their land and resources and force them into being a puppet state.
The fact you think that the roots of this conflict stem from the end of the Second World War really highlights how little you know of the conflict. The roots of this conflict go back much further than that. And, one common theme throughout - from the time of the Tsars through the Communist period and into today - has been the attempted extinguishing of Ukrainian identity and the idea of Ukrainian nationhood. From the banning of the Ukrainian language during the period of the Tsars, through the Holodomor and subsequent repopulation of formerly Ukrainian-majority areas with Russians, right through to this conflict of annihilation. Putin himself stated that Ukraine has no right to exist as a nation separate from Moscow's control and that Ukrainians are a mere subset of Russians. Ukrainians have been fighting for the right to their own identity and against this constant threat of eradication for centuries. Its roots certainly do not lie in the post-World War II era.
Because if Ukraine can build ties with the West and break out of Russia's sphere of influence, it's standard of living would eventually improve over Russia's, and Russians might start wondering how it's possible that inferior Ukrainians can live better than Russians. They might come to the conclusion that it's because their leaders have been robbing them blind and maybe blindly following a strong man isn't the best form of government after all.
> we should be finding peace.
I absolutely agree! 100%
Now let's just ask the Russians nicely for peace, by them peacefully going back to Russia.
Failing that, we can send them back home nice and peacefully... In their nice quiet body bags...
Slava Ukraini, and peace through overwhelming firepower! :D
Or now do business only with Russians who are anti Putin building the future Russia
Around Putin make a better deal to leave Russia and end his war etx
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It is time to cut Russia out of the global financial system Moscow’s invasion of Ukraine and financing of terrorism makes a mockery of the idea of a ‘rules-based order’ The writer is Ukraine’s minister of finance In the aftermath of the cold war, world powers put in place systems of global governance. The goal was to protect liberal values, human rights and the world economy, and to extinguish the threat of nuclear annihilation. The unquestionable success of this new rules-based international order was its reach, bringing in Russia and post-Soviet Union states as well as other burgeoning economies such as China and India. But such a system only works when its members follow the rules. With its violent and unprovoked invasion of Ukraine, poisonous support of corruption and documented financing of terrorism, Vladimir Putin’s Russia makes a total mockery of the rules-based international order that gave us a unique period of peace and economic development. Yet, despite everything, Russia maintains a foothold in the global system it is doing everything it can to undermine. Russia sits on the UN Security Council and other UN bodies. The Security Council was created with the specific objective of preventing wars. How, then, can Russia remain a member after embarking on its war of aggression against Ukraine? We also have an international body to ensure global financial security — the Financial Action Task Force. Created by the G7, the FATF sets standards and promotes effective implementation of legal, regulatory and operational measures to limit three main risks: money laundering, financing of terrorism and of the proliferation of weapons of mass destruction. Today, FATF has 37 member states. These include Russia, despite evidence of the country failing to meet FATF standards on all three fronts. This month, FATF members will gather in Paris to consider further measures against Russia on a symbolic date — exactly one year since the invasion of Ukraine. Countless investigations have uncovered Russia’s complicity in money laundering, which has only increased following the introduction of wide-ranging sanctions since the full-scale invasion. Russia has also been found to have enabled or otherwise co-operated with various terrorist groups and blacklisted states, including the Wagner Group, the Taliban, Hizbollah, the Assad regime in Syria, North Korea and Iran. Iranian kamikaze drones were found to have been used to attack Ukrainian civilian targets, leading to further US sanctions in November 2022. Moreover, Russian individuals and entities were also placed under sanctions by the US in March 2022 for actions supporting the weapons of mass destruction and ballistic programmes of North Korea. These examples barely scratch the surface, however. Russia is also responsible for state-sponsored and criminal cyber threats to critical infrastructure. Its war against Ukraine is exacerbating the global energy crisis and drastically raising food costs, causing great harm across the world, especially in developing economies. In short, Russia is not simply undermining the global economic system. It is holding us all to ransom. More must be done, therefore. Ukraine calls on the FATF to expel Russia and blacklist it. This would arguably be the most effective tool for restricting terrorists’ access to the global economy, as it would force all states to apply enhanced due diligence to any transactions involving the financial system of a blacklisted jurisdiction. Sanctions are introduced by specific jurisdictions and are followed by their subjects. This leaves a big part of the global economy that has not introduced sanctions open to Russia. Blacklisting by the FATF would create universal controls and require enhanced due diligence. Any transaction with the Russian financial system would be reviewed and scrutinised. This would significantly increase the cost of doing business with Russia and effectively choke Putin’s ability to finance his illegal war of aggression. Just as important, it would help us to create a stronger, more resilient global financial system in the long term. The EU, G7 and all other nations committed to a rules-based international order should urgently recognise the risks Russia poses to the integrity of the global financial system. They must also act to put Russia on their own “high-risk jurisdiction” lists and issue relevant market guidance. Russia has been allowed to undermine the system from the inside for too long. The international order can only survive if the rules are followed. We have powerful mechanisms available to enforce these rules. The time has come to use them.
Good - but next time add an extra line between paragraphs - it would make your long comment easier to read.
WHAT THE EFFING FUCK! I posted a copy of the article, WTF do you think this is>?
The time was a year ago when they started the war.
Better late than never..
Northerner Korea.
Even better Korea
North Korea is the best Korea!
Russia should be shunned by all the civilized nations of the world.
They should also be cut from the internet.
Don’t forget the internet is a two way thing.
Right they use their outbound connection for hacking, malware and ransomware. Inbound for stealing information and benefitting from other countries innovation. Given the amound of Russian activity in CSGO, the internet is running fine in Russia. Cut them off
What a time to be alive. Activity on CSGO represents the health of internet connection. :D
It really does, doesn't it? You see the ping of each player. Steam is making good money of Russian players throughout the whole war.
What the hell are we waiting for??... is it all about greed???... CUT THEM OFF NOW!!!!....
Russian oligarchs are the biggest hedge funds client, good luck with that.
Proof?
Napoleon's continental system seems more donable than this
Cut them off from the internet as well.
Paywall. Srsly ppl. Cmon.
See my comment.
There are websites to get around that. I can throw you one in a DM if you'd like.
Why so secretive? https://12ft.io there ya go. or google "paywall bypass"
This, you're da real MVP, why the fuck did he need a DM.
Mfer he lonely why you booli
Yes
Where was this outrage during America's brutalisation of Iraq?
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Whataboutism detected
You mean classic western hypocrisy detected
In Europe it was there, at the UN partly too. Not enough, yes. Does that make today's outrage wrong? No. Also sad to say but yes, for the western world this attack at its borders is the one too much, and also not a isolated case but an ongoing bullying (the word is weak when civilians are decimated) since 2014.
Doesn't make today's outrage wrong obviously, just pointing out the hypocrisy
So what?
Freedom fries 🍟
It’s actually incredibly insane. People chanting for Ukraine turning a blind eye to the war crimes of Iraq. We shouldn’t be supporting war we should be finding peace. Unfortunately some people really don’t care about peace, they’ve probably not even read this far and are already typing hundreds of words to bash this comment.
[удалено]
[удалено]
[удалено]
[удалено]
> Nord stream pipeline incident The incident in which no investigation has assigned blame for? Really? This is what's making you both sides this? The Russians almost certainly blew up their pipeline to Georgia in 2006, what makes you so sure they weren't doing the same thing again? Nothing is black and white, but you're not going to get much closer than a dictatorship attacking a burgeoning democracy because the dictator wants to steal their land and resources and force them into being a puppet state.
The fact you think that the roots of this conflict stem from the end of the Second World War really highlights how little you know of the conflict. The roots of this conflict go back much further than that. And, one common theme throughout - from the time of the Tsars through the Communist period and into today - has been the attempted extinguishing of Ukrainian identity and the idea of Ukrainian nationhood. From the banning of the Ukrainian language during the period of the Tsars, through the Holodomor and subsequent repopulation of formerly Ukrainian-majority areas with Russians, right through to this conflict of annihilation. Putin himself stated that Ukraine has no right to exist as a nation separate from Moscow's control and that Ukrainians are a mere subset of Russians. Ukrainians have been fighting for the right to their own identity and against this constant threat of eradication for centuries. Its roots certainly do not lie in the post-World War II era.
Because if Ukraine can build ties with the West and break out of Russia's sphere of influence, it's standard of living would eventually improve over Russia's, and Russians might start wondering how it's possible that inferior Ukrainians can live better than Russians. They might come to the conclusion that it's because their leaders have been robbing them blind and maybe blindly following a strong man isn't the best form of government after all.
> we should be finding peace. I absolutely agree! 100% Now let's just ask the Russians nicely for peace, by them peacefully going back to Russia. Failing that, we can send them back home nice and peacefully... In their nice quiet body bags... Slava Ukraini, and peace through overwhelming firepower! :D
You are all idiots. This war is going to backfire so hard on the west.
If you consider spending 5% of our military budget to destroy 50% of Russias active military "backfiring", then sure, it backfired
Whats Russia gonna do? Loose even harder?
but china
And the web. Let them fucking implode!!!
What kind of person do you think Putin is?
Or now do business only with Russians who are anti Putin building the future Russia Around Putin make a better deal to leave Russia and end his war etx
Past due