News Summary

• Russia might be readmitted to the SWIFT (Society for Worldwide Interbank Financial Telecommunications) payments network.
• Readmission would signal not just a relaxation of sanctions, but a potential recalibration of how the U.S.
• manages the boundary between inclusion and exclusion within that system.
• The issue is not SWIFT in isolation, but the long-run stability of a system in which currency dominance, energy flows, sovereign debt, and geopolitical alignment are tightly interwoven.
• Reintegrating Russia may therefore slow the pace of dedollarization at the margin by reaffirming the system’s indispensability, even as it reinforces the logic of diversification.