[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/a/iem/eurinf/v6y2022i3p3-17.html
   My bibliography  Save this article

European Union'S Financial Sanctions Against Russia – Implications For The International Payment System

Author

Listed:
  • Claudia Gabriela BAICU
  • Iulia Monica OEHLER-ȘINCAI
Abstract
Financial measures hold an important place within the sanctions adopted by the European Union and its Western allies against the Russian Federation following the invasion of Ukraine. In this context, the present paper aims to investigate the alternatives available to the Russian Federation for bypassing sanctions related to exclusion from the SWIFT system and the possible implications for the international payment system. The results of the research undertaken in this paper highlight that financial sanctions could accelerate the development of alternative payment systems and the use of cryptocurrencies to perform international payments. However, despite their attractiveness, these alternatives may face several challenges and impediments, including in terms of international coverage. But in the long run, the hegemony of the American dollar in the international monetary system could be affected, and the internationalization of the Chinese yuan could increase. Amid the current geopolitical tensions, one of the risks facing the international payment system is its possible fragmentation.

Suggested Citation

  • Claudia Gabriela BAICU & Iulia Monica OEHLER-ȘINCAI, 2022. "European Union'S Financial Sanctions Against Russia – Implications For The International Payment System," Euroinfo, Institute for World Economy, Romanian Academy, vol. 6(3), pages 3-17, September.
    • Handle: RePEc:iem:eurinf:v:6:y:2022:i:3:p:3-17
    as

    Download full text from publisher

    File URL: http://www.iem.ro/rem/index.php/euroinfo/article/view/836/919
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    financial sanctions; Russo-Ukrainian war; SWIFT system; international payment system; European Union;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:iem:eurinf:v:6:y:2022:i:3:p:3-17. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ionela Baltatescu (email available below). General contact details of provider: https://edirc.repec.org/data/imacaro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.