The most the Western powers can do in reality is a TOTAL embargo on all Russian goods and services, but I doubt they would even do that.
This and with knobs on!
The ONLY embargo however would have to be financial and that means making ALL financial transactions with Russia or Belarus a criminal offense.
Noticeably missing from statements about expanded sanctions against Russia was any mention of how the U.S. and its allies were going to deal with the big foreign global banks that conduct banking business for thousands of Russian corporations and millions of Russian individuals. Biden only mentioned sanctions on Russian banks.
That sent a loud message to the MOEX Index at the Moscow Stock Exchange, which as of 2:49 p.m. Thursday in Moscow had rallied into positive territory after a loss of 45%.
One of the global foreign banks with large operations in Russia is the French global bank Societe Generale’s Rosbank. According to its website, it has 5 million individual clients in Russia and 9,000 large corporate clients. It even posted a reassuring notice to its customers on its website yesterday, stating that it “continues to operate in a routine manner.”
Another large foreign bank with large operations in Russia is Austria’s Raiffeisenbank, which has been operating in Russia since 1996. It notes on its Russian website that it is “one of 13 systemically important banks in Russia,” that it ranks number 10 by assets and number 8 by the number of retail customers.
Italy’s UniCredit also has large operations in Russia. A bank spokesperson told Reuters two days ago that it “had very high provisions against possible loan losses and was ‘very liquid and self-funded.’
Then, of course, there is the U.S. global bank Citigroup and its banking subsidiary Citibank. (Citibank’s private bank has been laundering money for dictators and/or their family members for decades.) Citibank’s Russian operation reports that it is “a key banking partner for about 3000 corporate clients including more than 600 global subsidiaries (virtually all of 500 Fortune companies), leading Russian companies and mid-sized clientele.”
As for the Swift system - many banks have their own in-house backup systems that can bypass Swift instantly. We saw this in action on the reunification of Germany, when the Deutsche, Dresdener and the various Sparkassen were able to set up portacabin branches all over East Germany with satellite links to Frankfurt.
Only the threat of a prison sentence would stop this nonsense!