Western sanctions will push efforts to move away from Global reserve currencies

[bitgolden]

The difference is that, the money is usually in the west, and they are producing a lot more of what people want. Russia and China only makes money based on what the west gives them, west (nations that use swift mainly) do not really require any money from Russia or China, they need "things" from them.

In a case where west finds better energy sources, good alternatives and wheat stocks, they do not need Russia at all, which can be done with clean energy, solar panels, nuclear plants, wind turbines and so forth which would take time but can be done.

Same goes for china, they manufacture things and that is how they make money, move those factories you have to another nation, and china would become poor all over again. All in all, west doesn't need the money these nations have, they need to use them for their resources, and if those nations start to work with another system, west will simply not work with them which would hurt east a lot more.

[Kakmakr]

The difference is that, the money is usually in the west, and they are producing a lot more of what people want. Russia and China only makes money based on what the west gives them, west (nations that use swift mainly) do not really require any money from Russia or China, they need "things" from them.

In a case where west finds better energy sources, good alternatives and wheat stocks, they do not need Russia at all, which can be done with clean energy, solar panels, nuclear plants, wind turbines and so forth which would take time but can be done.

Same goes for china, they manufacture things and that is how they make money, move those factories you have to another nation, and china would become poor all over again. All in all, west doesn't need the money these nations have, they need to use them for their resources, and if those nations start to work with another system, west will simply not work with them which would hurt east a lot more.

Well, the West are doing a piss poor effort to replace China as a mass supplier of computer chips.    The Chinese efficiency and their discipline and their ability to mass produce electronic components are not equaled by any other country.

So let's give credit ..where credit is due. The Oil and Gas that Russia are supplying ... cannot be replaced within the next 5 years, so Europe is going to rely on Russia for at least the next 5 years... and the alternative energy and other sources of Gas are going to be very expensive to replace.  

[Argoo]

Do you think the enemies of the West will be successful to replace SWIFT and the use of Global reserve currencies?

Let's discuss...

If by replace we mean that the system they use will end up being adopted globally, I don't think so. If you mean a system adopted by them and a few other countries, it is possible. What I also find interesting is the window of opportunity this opens for cryptocurrencies. It seems that Russia is considering charging friendly countries for gas and oil in Bitcoin.

It is still difficult to say how the situation in Russia will develop, in what way and how effectively Western sanctions will be circumvented there. The SWIFT banking system will not change, if only for the reason that most states condemn the aggression and war crimes of the Putin regime, and therefore will adhere to the conditions of the sanctions imposed on Russia. More and more countries refuse to trade with Russia. For now, she can count on India, China, and a few underdeveloped ones like Syria and Venezuela. But China will act in its own interests and itself will not mind using Russia's hopeless situation, so it is an unreliable partner for Russia. Russia and China may use the yuan more. Moreover, Russia kept a significant part of its reserves in Chinese banks in yuan and no sanctions were imposed on this part of the reserves. In Russia, the Chinese yuan is already freely bought through banks and bank deposits are made in this currency.