BRICS, SWIFT, LONG ARM jurisdiction, International Trade, ..., WWIII

**1. Does SWIFT support payment and settlement in Non-US dollars?**

Yes, **SWIFT** supports payments and settlements in multiple currencies, not just U.S. dollars. SWIFT facilitates international transactions in a variety of currencies, depending on the agreements between banks and financial institutions.

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**2. How does SWIFT exclude Russian currencies then?**

SWIFT does not directly exclude a currency but can restrict access to specific banks based on **sanctions** (legal penalties imposed on countries or entities to limit their access to financial and trade systems). For example, after Russia's invasion of Ukraine, several Russian banks were excluded from SWIFT, which limits their ability to conduct international transactions, including those involving Russian rubles.

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**3. How is the SWIFT decision on operation made? Is there a vote system in board? If so, what is the rule forming the board?**

SWIFT’s operational decisions are made by its **Board of Directors**, composed of 25 representatives from its member institutions. Decisions are often made through **majority voting** (a decision is made if more than half the members agree), with members elected by SWIFT shareholders (banks and financial institutions). The board ensures geographic diversity and represents the interests of the global financial community.

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**5. Does currency trading settle finally through SWIFT?**

No, **currency trading** (foreign exchange, or FX trading) does not settle directly through SWIFT. SWIFT is a messaging system for payment instructions, but actual **settlement** (the final transfer of money or assets between two parties) happens through specialized systems like **CLS (Continuous Linked Settlement)** or through bilateral arrangements between banks.

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**6. How does SWIFT strengthen USD position if true?**

SWIFT strengthens the **U.S. dollar** by facilitating **global dollar-denominated transactions** (international deals where the U.S. dollar is used). As the U.S. dollar is the world's primary reserve currency (money held by central banks as a guarantee of value), SWIFT’s widespread use for these transactions reinforces its centrality in global trade and finance, particularly through **petrodollar** transactions (oil trading in U.S. dollars) and dollar reserves.

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**7. Does BRICS payment system allow USD instructions?**

The **BRICS payment system** primarily focuses on reducing reliance on the **U.S. dollar** and promoting the use of local currencies (currencies of the member countries like the Chinese yuan or Russian ruble). While it may not outright exclude USD transactions, the goal is to create an independent system that minimizes the role of the dollar in favor of non-USD currencies.

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**8. Is there any existing or potential Act of US to prohibit the usage of BRICS payment system for US companies and alliances?**

Currently, there is no specific U.S. law prohibiting the use of the **BRICS payment system**, but the U.S. can impose **sanctions** or issue guidelines through agencies like **OFAC (Office of Foreign Assets Control)** to limit or restrict transactions with entities using alternative payment systems if they are seen as violating U.S. foreign policy or sanctions.

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**9. Is it more difficult to enforce US law compliance such as export control, sanctions, audit etc., for US companies in international trade?**

Yes, it has become more difficult to enforce U.S. law compliance in international trade due to **geopolitical tensions** (political struggles between nations), **alternative financial systems** (new payment networks developed by other countries), and **technological advancements** like **cryptocurrencies** (digital currencies that operate independently of central banks). Global supply chains, conflicting local laws, and evasion tactics also complicate enforcement.

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**10. In the case of missing US law-mandated terms/regulations in contracts between US companies and foreign ones due to the conflict between local laws and US laws, is there any example that a US company is charged/punished?**

Yes, U.S. companies have been charged or penalized in cases of non-compliance, even when local laws conflict with U.S. regulations. Examples include cases like **HSBC** (sanctions violations), **Microsoft** (FCPA, or Foreign Corrupt Practices Act, violations), and **Volkswagen** (environmental law violations). U.S. law often has **extraterritorial reach** (applying U.S. laws to activities outside the U.S.), enforcing compliance even when local laws differ.