The European SWIFT is not working yet, but all it created, the U.S. Treasury will almost shoot
30 may 2019 23:15
They did not come out confidently comment on the Washington statement by the head of the European Commission Jean-Claude Juncker on the transfer of the oil trade with Iran from dollars to euros. – All calculations will always be tied to the dollar kirschen, therefore, will remain transparent to the U.S. Treasury and are available for blocking.
It still does not work – with corporate American smile, said the same about the speech of the foreign Minister of Germany Heiko Maas on the occasion of the beginning of works on creation in Europe of special purpose machinery (SVP), allowing you to circumvent U.S. sanctions.
Speaking of which, not without reason. According to a promotional spoilers, it was nothing less than the creation of a fully European and to the US, even invisible functional analogue of SWIFT around October 2018. But even in November, the project has not moved beyond preliminary conversations. But in early January it became known that SVP is formed something called INSTEX (a Tool to maintain trade exchanges).
A month later surfaced some details. Indeed, our organisation is formally established. Its holders are three States: France, Germany and Britain (though only in the role of Chairman of the Supervisory Board). The headquarters is located in Paris. Chapter INSTEX is the former Director of the German Commerzbank Per Fischer. The operating currency specified Euro and British pound sterling.
A complete description of the mechanism established in the public domain yet, but indirect evidence suggests some important conclusions. INSTEX a full analogue of system of interbank calculations do not. Rather, it is a development and a deep modernization of the clearing scheme. Something similar to the famous barter “oil in exchange for food”. Only now, there will be more medical equipment and pharmacological products.
However, officials such as the Meuse and Minister of foreign Affairs of the Fifth Republic Jean-Yves Le Drian say with confidence about the readiness of the system after some period of practical testing, to expand on other activities. Its main advantage is the full legality of operations that will allow in the near future to develop cooperation with the IAEA and even the UN.
At the moment trades at INSTEX have not yet been established. They require to create a mirrored response tool in Iran. His appointment there is not very understand, because the process goes too quickly. Operational readiness the project will be released probably by the middle of summer, and only then can we judge the degree of real effectiveness.
However, now the interest in INSTEX showed China, Russia and most mid-sized European companies operating not only in these three areas. Although even if it was limited to only them and only in the format of exchange for oil, it is worth remembering that in April 2019, the US Secretary of state Mike Pompeo has estimated that the total oil loss of Iran to $ 10 billion per year. If the European scheme is successfully launched, they quickly flow through it. And not only them. Too many Iranian business partners actively dissatisfied with tugostyu the dollar stranglehold and unscrupulousness of the American authorities.
Judging from what happened now in Washington about this tool maintain trade exchanges learned something, that they were past arrogant complacency was removed by hand. Although the official American press, it’s still very ironic to criticize the hands of official Washington already reached for the gun.
Bloomberg reported on a letter sent to the leadership of the European Union administration of the US President signed by the Deputy Minister of Finance Sagely Mandelker in charge of the Ministry of Finance financial intelligence and counter-terrorism.
It speaks simply and bluntly. If INSTEX has fully come into force, all persons involved in its creation, no less, will be excluded from the us financial system.
“I strongly advise you to think about how potential sanctions may have an impact on INSTEX. Participation in activity that is contrary to the US sanctions, can lead to serious consequences, including loss of access to the U.S. financial system, “wrote Mrs. Mandelker.
In addition, the document clarifies that it’s extremely tough financial sanctions will apply to any commercial organization which would dare to use INSTEX to bypass us sanctions against Iran.
Given the harshness of the wording, the obvious conclusion that an effective mechanism for the Europeans to come up with a really managed. And the American government is really getting through, almost to incontinence. If the earlier talk about the stagnation of the global dollar system was more academic and long-term forward-looking character, is indeed now a tool to circumvent the dollar actually.
Yes, it is still not perfect. Of course, now we are talking only about the specialized scheme, sharpened only on Iran. But in modern aircraft too difficult to recognize the paper shelves of the Wright brothers first took to the air in December 1903. Most importantly, it is very much around companies, corporations and even countries are looking forward to the opening of the front office.
It remains to be popular sufficiency the size of Faberge from the European ruling elite. Because the letter of this content means an actual Declaration of war, and it is with Faberge enemy rarely stand on ceremony. Fundamentally you try to fight the Americans and the Europeans or someone from them under the pretext of blown away – that is now becoming the most interesting.