It is impossible to block Russia's access to banks, as well as Moscow to stop gas exports to Europe

 

 Experts say one way to prevent Russian President Vladimir Putin from taking over Ukraine is to stop Russia's access to the global banking system. This should deprive Russia of access to hard currency and therefore Putin should gradually begin to withdraw Russian troops from the Ukrainian border. However, according to Forbes columnist John Tamney, the truth is that neither the United States nor any other country has a reasonable way to exclude Russia from global finance.

 As the author of the article continues, the US dollar and other reliable world currencies, in fact, as well as finance itself, give new meaning to goods and everything that can be measured physically. Looking at all this from the point of view of a relatively sanctions-free present, Russia has access to the global banking system and dollars, not because the United States allows it, but because its economy is strong enough and funding sources are actively seeking to turn economic money into money. activity carried out there. Therefore, if we assume that the United States is able to deprive Russia of access to American sources of funding, we must not forget that more than half of the US dollars in circulation today circulate outside the United States.

"The money goes where it treats them well, and if they think it's safe for them in Russia, they will rush there, completely ignoring the wishes of America's domestic and foreign political elites," the Forbes author wrote.

 He notes that if, for example, President Biden asked the banks J.P. Morgan, Goldman Sachs and Morgan Stanley to suspend their operations in Russia, this will not make much of an impression on the financial institutions with which the above banks work. If Morgan and Goldman Sachs stop financing economic activity in Russia, all other international sources of funding will line up to take their place in Russia.

Market share is gained with great difficulty. In a "closed economy" such as the world economy, it is impossible to interrupt financial flows. Those who leave the business will be quickly replaced, writes John Tamney.

 He believes that on the same occasion, there should be no fear that in response to sanctions, Russia will suspend gas supplies to Europe in the winter. Moscow needs money, so it is unlikely to give up such a valuable market, whose share will be very difficult to regain.

"In fact, any economic sanctions aimed at solving certain foreign policy problems are symbolic. In other words, it is impossible to exclude Russia's access to banks, and it cannot stop exporting its gas in the same way. How does all this threaten Ukraine? There is no answer, as he has neither foreign policy knowledge nor experience. But another question can be answered. "All attempts by experts, politicians and foreign politicians to play economy in order to curb Putin's ambitions will not lead to anything," the author concluded.