this post was submitted on 04 Jul 2024
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The west solved that problem by effectively doing capital controls for Russia. Now that Russia has been decoupled from SWIFT, moving money out is pretty hard.
From what I understand, Russian companies that are doing business with Europe and USA (such as aforementioned oil corporations) do so via direct exchange at a stock market, no swift required. Likewise, offshoring can be done via cash, precious metals, stocks or other methods
There are always ways to try and get money out of a country, but the west made it as difficult as possible to do so. And the result has been that money is indeed staying in Russia which resulted in a big increase in business activity as IMF now openly admits.