| 23 February 2024, Friday |

Back to fuel crises!

Following up on the Ukrainian-Russian issue, and following Russia’s exclusion from the SWIFT global system, there will be several ramifications for the new phase for Russia in particular, and the globe in general.
First, let me provide a brief overview of the SWIFT system, which poses a threat to Moscow.

The SWIFT system is a global network used by more than eleven thousand financial institutions in more than 200 countries to transfer funds between them electronically. It provides protection and full speed of financial transactions and follow-up of their delivery to the concerned authorities, as the value of daily transactions through it exceeds 400 billion dollars.

Excluding Russian financial institutions from this system would surely have a negative impact on the global economy, as Russia will be cut off from the rest of the world in order to conduct its commercial activities.

We called Roland Abi Najem, a consultant in information security and digital transformation, to throw light on this issue.

Meanwhile, S&P’s has cut Russia’s long-term sovereign credit rating in foreign and national currency to CCC- with a negative outlook, following F&M’s.

Back to the local issue, the effects of the 400,000 LBP rise in fuel prices are still being felt and will have a negative impact on the budget, which was based on the price of a barrel of oil ranging between 72 and 81 dollars, but the price has surpassed 118 dollars and is expected to rise further in the coming days.

Let us draw attention to two possibilities offered by economic expert Professor Jassem Ajaka.

  • Sawt Beirut International