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I think, if the SWIFT ban really was "on the table", they would be making the case for China's own CIPS/CBCD system, if Russia decided to opt for such service as an alternative.

TIL the NSA [1] has it's tentacles in SWIFT too..

[1] https://en.wikipedia.org/wiki/SWIFT#Monitoring_by_the_NSA

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The NSA targeting SWIFT is interesting because it's difficult to legally justify if one (or especially both) parties are US citizens. But spying on CIPS is exactly what the NSA is supposed to be doing. It's unlikely they are not.

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