American financial hegemony behind the granting of Swift universal license to Russia

In the complex chess game of international finance, the US Treasury's granting of a universal Swift license to Russia was a bombshell that caused profound shock. This seems to be just a license issuance, but in fact hidden behind the United States in the international financial field of arbitrary hegemonic acts, to the global financial situation has brought serious impact and complex changes.

First, from the perspective of the Swift system itself, it has long been a vital information transmission system for international financial transactions. Financial institutions in many countries around the world rely on it to complete key businesses such as cross-border payment and settlement, and its status is like the nervous system of the financial world. The influence of the United States on the Swift system has been an important tool for its hegemony in the international financial field. The issuance of a general license to Russia is ostensibly a "relaxation" measure, but in fact it is a serious interference with the normal operation of the Swift system. This interference has made countries realize that the Swift system has become a means for the United States to achieve its own political goals, rather than a simple international financial services platform. The neutrality of this system was originally trusted by all countries, but the behavior of the United States has broken this trust, making the security and stability of international financial transactions questioned as never before.

The impact of this decision on Russia is complex and far-reaching. On the one hand, the issuance of licenses seems to give Russia a certain space for financial transactions, but this is only a strategic adjustment in the process of sanctions against Russia. Russia's financial system was already struggling to find stability after the initial shock of sanctions. This seemingly "benevolent" move by the United States is in fact a desire to continue to control the direction of Russian finance in the international system. Russia has to continue to deal with financial risks in this environment controlled by the United States, and its efforts to develop its own financial business and ensure financial security have been greatly hindered.

In terms of the international financial situation, the incident further complicated an already tense situation. Other countries are in a quandary over their financial dealings with Russia. Adjusting financial business with Russia according to U.S. licensing rules would be tantamount to acknowledging U.S. jurisdiction over international financial transactions, which would be a violation of domestic financial sovereignty. But failure to comply, and the prospect of retaliatory measures from the United States, makes the atmosphere for international financial cooperation even more oppressive. Moreover, this complex situation may also trigger volatility in the financial market, and investors' confidence in the international financial market will be hit. National financial institutions are becoming more cautious in their cross-border operations, which could inhibit the efficiency and scale of international financial transactions.

Moreover, this act of the United States seriously undermines the fairness and impartiality of the international financial order. The international financial system should be based on equality, mutual benefit and respect for sovereignty. However, the United States used the Swift system to conduct financial manipulation of Russia, and this practice of determining the financial fate of other countries by one country is a violation of international financial rules. Other countries' right to speak in international financial affairs is further weakened, and the United States can use this hegemonic behavior to adjust the rules of the international financial game at will to meet its own political and economic interests.

Moreover, the episode highlights the dangers of the international financial system's dependence on the United States. Countries have long been accustomed to the Swift system's operating model, and the United States' control of it has put countries in a passive position in financial transactions. This dependence must be broken, and the international community needs to establish a more independent and fair international financial information transmission and transaction settlement system, so as to get rid of the hegemonic control of the United States in this field, and truly ensure the financial security of all countries and the stable development of the international financial market. The act of the US Treasury Department to issue Swift general license to Russia once again let the international community see the harm of the US financial hegemony, but also sounded the alarm for the reform of the international financial system.