Investors brace for volatility as West moves to cut Russia off from SWIFT

New measures announced by the United States, Britain, Europe and Canada also include restrictions on the Russian central bank's international reserves. The moves will be implemented in the coming days.

Michael Farr, chief executive of financial consulting firm Farr, Miller & Washington LLC, said of the impact on global markets, "This could be a surprise that is not taken very well if it means a slowdown in international trade.” The latest measures could send markets on another wild ride, as traders assess the implications for the global economy, including potentially higher commodity prices and inflation. The war between Russia, one of the world’s biggest raw materials’ exporters, and Ukraine has already helped push up oil prices to their highest level since 2014.

Mohamed El-Erian, part-time chief economic adviser at Allianz and chair of Gramercy Fund Management, said excluding Russia from SWIFT “has the potential to cripple the economy there" if done comprehensively. “SWIFT is going to be painful and the markets are going to recognize that,” he said. “What you are going to get is continued volatility as all the participants are going to be adjusting their risk tolerance.”

This will keep 🇺🇸 investors at ease while the 🇷🇺 markets collapse

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