The Bank of Russia does not see the risks of disconnecting the country from inter-bank payment system SWIFT, it will be possible to transfer internal Russian traffic to the Financial Messaging System of the Bank of Russia (SPFS).

The bank’s first deputy governor, Olga Skorobogatova, said we do not see any risks at the moment. But we have SPFS, it works, and all domestic Russian traffic, even if something happens, can be safely transferred to our system.

Skorobogatova added that the central bank had direct contact with the headquarters and Moscow office of SWIFT, they confirmed that “everything will work normally, without any problems.

SWIFT is used by over 11,000 banks and other financial organizations across some 200 countries, and is seen as a vital component of current world order of globalized border-less banking.

Russia has long been one of its top five users, with the system a popular tool used by Russian businessmen investing their wealth abroad.

In 2014, Moscow started developing and alternative to SWIFT known as SPFS. By 2019, several hundred institutions had connected to the system, with the Russian Central Bank announcing that eight foreign banks had joined or were in the process of joining by that time.

Sputnik / ABC Flash Point News 2021.

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18-05-21 22:17

The secession of any country from Swift, which has been politically abused by the United States over the past ten years, is a rift in the chain of economic exploitation and freedom of trade. Let Russia and China now show the world that a healthier and more useful path is possible. This is a bigger victory like the S400 to protect national assets.

Reply to  DrunkPrank
18-05-21 22:20

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18-05-21 22:19

There is nothing the West can do to disrupt the economies of China and Russia which the West is hell-bent on destroying. What the West is doing to China and Russia should be a warning to all nations. Today it is Russia and China, tomorrow it could be other nations..The West wants all other nations to under their perpetual control.