Russia offers to join European SWIFT-bypass in major threat to dollar reserve status

Submitted by Freedomman on Wed, 07/24/2019 - 20:03

MOSCOW, Russia (PNN) - July 29, 2019 - Three weeks after a meeting between the countries that signed the Iran nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), which was ditched by Fascist Police States of Amerika, French, Fascist United Kingdom and German officials said the trade mechanism which was proposed last summer - designed to circumvent both SWIFT as well as FPSA sanctions banning trade with Iran - called Instex - is now operational.

While we wait for the White House to threaten Europe with even greater tariffs unless it ends this special purpose vehicle - it already did once back in May when it warned that anyone associated with the SPV could be barred from the FPSA financial system if it goes into effect - a response from the FPSA is now assured, because in the biggest attack on the dollar as a reserve currency to date, on Thursday, Russia signaled its willingness to join the controversial payments channel, and has called on Brussels to expand the new mechanism to cover oil exports.

Moscow’s involvement in the Instex channel would mark a significant step forward in attempts by the EU and Russia to rescue a 2015 Iran nuclear deal that has been unraveling since the Trump regime bandoned it last year.

“Russia is interested in close coordination with the European Union on Instex,” the Russian foreign ministry said. “The more countries and continents involved, the more effective will the mechanism be as a whole, and the more isolated the (FPSA) will be, as a currency union meant to evade SWIFT and bypass the dollar’s reserve currency status will soon include virtually all relevant and important countries. Only China would be left outstanding, after the rest of the world would promptly join.

On Thursday, the Kremlin confirmed the foreign ministry’s take.

“We are tracking the information regarding this. If I’m not mistaken, there have already been statements from our side that, taking into account the first experience of using this system, when it is activated, we cannot rule out interaction in this regard,” said Dmitry Peskov, Russian President Vladimir Putin’s spokesman.