BREAKDOWN: Russian Banks Cut Off From SWIFT, Central Bank Reserves Blocked as West Responds
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 28 February 2022
⏱️ 21 minutes
🧾️ Download transcript
Summary
The latest in the economic dimension of the conflict.
This episode is sponsored by Nexo, Arculus and FTX US.
Today on “The Breakdown,” NLW looks at what we learned over the weekend about the U.S. and European Union’s response to the Russian invasion of Ukraine. The West significantly increased its economic pressure on Russia, removing some banks from SWIFT as well as freezing the foreign reserve assets of Russia’s central bank. As Monday dawned, the Russian ruble was sent tumbling, major Western corporations were withdrawing their investments from Russia, and Putin and Russia began their economic counters as well.
-
Nexo is a powerful, all-in-one crypto platform where you can securely store your crypto. Invest, borrow, exchange and earn up to 18% APR on Bitcoin and 20+ other top coins. Insured for $375M. Audited in real-time by Armanino. Rated excellent on Trustpilot. Get started today at nexo.io.
-
Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer, and more secure solution to store, send, receive, buy, and swap your crypto. Buy now at getarculus.com.
-
FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today.
-
“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Vision” by OBOY. Image credit: Diego Puletto/Getty Images News, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.2 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:15.0 | The breakdown is sponsored by nexo.io, Arculus, and FTX, and produced and distributed by CoinDesk. |
| 0:22.7 | What's going on, guys? It is Monday, February 28th. And today, we are picking up the story of Russia and Ukraine, |
| 0:29.0 | specifically the West's economic response to Russia from where we left off last week. |
| 0:34.5 | Before that, if you were enjoying the breakdown, please go subscribe, give it a rating, |
| 0:38.1 | give it a review, or if you want to get deeper into the conversation, and there is certainly |
| 0:42.3 | no shortage of things to discuss right now. Come join us on the Breakers Discord. You can find a link |
| 0:47.5 | in the show notes or go to bit.orgly slash breakdown pod. Finally, one disclosure, as always, |
| 0:53.2 | in addition to them being a sponsor of the show, |
| 0:55.3 | I also work with FTX. Now, let's get caught up. I'm going to assume a little bit that you |
| 1:01.7 | have background on this situation if you're listening to the show. And if you don't, go back and |
| 1:06.7 | listen to a couple of episodes from last week where I talk about the economic implications |
| 1:10.9 | of Russia's invasion of Ukraine. So five key things I think happened over the weekend just |
| 1:17.1 | to level set ourselves. The first is that Ukraine still stands independently, specifically |
| 1:22.3 | it's still in control of Kiev. This is much more than many would have hoped for when Russia actually made the |
| 1:28.5 | decision to invade, and is shaping the policy discourse in major ways. Ukraine and the West have |
| 1:35.0 | been absolutely winning the information war, and it's having major impacts on how nations are |
| 1:39.9 | deciding to respond. Number two, Ukraine and Russia are currently meeting in Belarus for talks |
| 1:45.9 | without preconditions. They've just concluded the first day, and while one representative of the |
| 1:50.8 | Ukrainian delegation has said that the Russians are still biased in many ways, there was enough |
| 1:54.9 | to be going on that they're going to continue meeting. Number three, over the weekend, |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from CoinDesk, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of CoinDesk and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.