Changes

==Sanctions regime and the SWIFT network==

==Sanctions regime and the SWIFT network==

[[File:Dedollarization.jpg|right|300px|thumb|]]

[[File:Dedollarization.jpg|right|300px|thumb|]]

The [[SWIFT]] network is a [[Brussels]]-based global clearing office for communications between 12,000 [[bank]]s worldwide in which they advise one another about incoming transfers.{{fact}} It is an essential building block in international trade, and was abused by the United States, who pressured the independent managers of SWIFT to conform to [[economic sanctions]] imposed on certain countries not abiding by the so-called "[[rules based order]]" dictated by the [[U.S. State Department]] from [[Washington, D.C.]].{{fact}} The "rules based order", also known as the [[Liberal world order]], by-passes the historically recognized framework of the [[United Nations]] under [[international law]] as having sole authority to impose [[multilateral]] economic sanctions.<ref>[https://www.cambridge.org/core/journals/leiden-journal-of-international-law/article/choice-before-us-international-law-or-a-rulesbased-international-order/7BEDE2312FDF9D6225E16988FD18BAF0 Dugard J. The choice before us: International law or a ‘rules-based international order’? Leiden Journal of International Law. 2023;36(2):223-232. doi:10.1017/S0922156523000043</ref>

The [[SWIFT]] network is a [[Brussels]]-based global clearing office for communications between 12,000 [[bank]]s worldwide in which they advise one another about incoming transfers.{{fact}} It is an essential building block in international trade, and was abused by the United States, who pressured the independent managers of SWIFT to conform to [[economic sanctions]] imposed on certain countries not abiding by the so-called "[[rules based order]]" dictated by the [[U.S. State Department]] from [[Washington, D.C.]].{{fact}} The "rules based order", also known as the [[Liberal world order]], by-passes the historically recognized framework of the [[United Nations]] under [[international law]] as having sole authority to impose [[multilateral]] economic sanctions.<ref>[https://www.cambridge.org/core/journals/leiden-journal-of-international-law/article/choice-before-us-international-law-or-a-rulesbased-international-order/7BEDE2312FDF9D6225E16988FD18BAF0 Dugard J. The choice before us: International law or a ‘rules-based international order’?] Leiden Journal of International Law. 2023;36(2):223-232. doi:10.1017/S0922156523000043</ref>

The [[United States]] under the [[Biden regime]] moved to ''de facto'' [[steal]] USD $300 billion held in foreign banks that belongs to [[Russia]] via a scheme ostensibly meant to fund [[Ukraine aid]].<ref>https://www.businessinsider.com/us-eyes-using-300-russia-frozen-assets-help-ukraine-backfire-2023-12</ref> Acts like these is what essentially drives the BRICS nations to pursue a new settlement and payment infrastructure that would bypass use of [[US dollars]] (USD) or [[euro]], thus protecting the system's users from the United States and [[European Union]] using their currencies to [[blackmail]] other countries into compliance with [[the West]]'s wishes.{{fact}} For example, the United States routinely employs or threatens [[economic sanctions]] against countries if they do not de-criminalize [[homosexuality]] or legalize [[gay marriage]], alleging those countries to be "[[human rights]] violators".<ref>[https://scholarlycommons.law.emory.edu/eilr-recent-developments/36 Ryan J. McElhose, Are Threats to Impose Financial Sanctions an Effective Approach for the United States to Protect LGBTQ Rights in Africa?], 37 1 (2023). Emory University School of Lasw Commons</ref> Even a change of administration in the United States cannot repair the loss of confidence and broken trust in the global financial system or assure such "[[rules based order]]" tactics would not occur again in the future to any party or nation participating in the [[SWIFT]] network.<ref>https://www.theinteldrop.org/2023/02/15/rules-based-world-order-vs-international-law/</ref>

The [[United States]] under the [[Biden regime]] moved to ''de facto'' [[steal]] USD $300 billion held in foreign banks that belongs to [[Russia]] via a scheme ostensibly meant to fund [[Ukraine aid]].<ref>https://www.businessinsider.com/us-eyes-using-300-russia-frozen-assets-help-ukraine-backfire-2023-12</ref> Acts like these is what essentially drives the BRICS nations to pursue a new settlement and payment infrastructure that would bypass use of [[US dollars]] (USD) or [[euro]], thus protecting the system's users from the United States and [[European Union]] using their currencies to [[blackmail]] other countries into compliance with [[the West]]'s wishes.{{fact}} For example, the United States routinely employs or threatens [[economic sanctions]] against countries if they do not de-criminalize [[homosexuality]] or legalize [[gay marriage]], alleging those countries to be "[[human rights]] violators".<ref>[https://scholarlycommons.law.emory.edu/eilr-recent-developments/36 Ryan J. McElhose, Are Threats to Impose Financial Sanctions an Effective Approach for the United States to Protect LGBTQ Rights in Africa?], 37 1 (2023). Emory University School of Lasw Commons</ref> Even a change of administration in the United States cannot repair the loss of confidence and broken trust in the global financial system or assure such "[[rules based order]]" tactics would not occur again in the future to any party or nation participating in the [[SWIFT]] network.<ref>https://www.theinteldrop.org/2023/02/15/rules-based-world-order-vs-international-law/</ref>