This is an excellent article. I don't work in international finance, but in international business. We use SWIFT daily.

Over the decades we've been in business, I've resisted the calls to "move East" and also south. I'm a child of the cold war. It was clear to me after the fall of the Wall that the West was exploiting the hell out of the East and South, and sooner or later the worm would turn.

That the US would screw itself didn't occur to me, but then I didn't expect to see an 80+, slightly demented, wannabe as US president, either. Every high-level politician has a monstrous ego. Joe Biden moreso than others (not including Trump, BTW).

Going forward my company is in a great position compared to our competitors who have huge investments in BRICS. Reshoring and stolen IP are subjects into themselves, but not being able to transfer funds to vital subsidiaries without potential sanctions is going to a serious issue for multinationals in the near future.

I don't see an easy way out of this for the simple reason that backtracking on the SWIFT expulsions would be an enormous political loss for the US/West. It may not work at this point in any case, and the more time goes by, the less likely it is to work.