Floated as a consequence of Vladimir Putin’s invasion of Ukraine, a SWIFT banking ban is often described as a “nuclear option” because it would likely disrupt payments for oil and gas exports from Russia to the West.
The U.S. and other Western Democracies continue to weigh the rise of crypto currencies as a factor in whether a potential ban on Russia from the international payments system known as SWIFT would work.
“We believe Washington is worried that Russia will use crypto to evade sanctions,” Cowen analyst Jaret Seiberg said Friday. “If Russia is able to use crypto this way, then we believe political support in the U.S. for crypto will fall and regulatory risk will rise.” Cowen’s Seiberg also points out that it may not be as easy it looks for Russia to use the crypto currency system to evade SWIFT because most global trade remains dollar-denominated.
“For crypto, this could be the crisis that determines how the government treats its use for payments and as a store of value,” he said.
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