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Feb 18, 2021
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The share of messages via the Russian analogue SWIFT has almost doubled

The share of messages through the Financial Messaging System, which is an analogue of the SWIFT international settlements system, by the end of 2020 increased by 1.8 times and reached 20.6% of domestic traffic, TASS reports.

According to Olga Skorobogatova, First Deputy Chairman of the Central Bank of the Russian Federation, the total number of participants in the system has reached 400. 23 foreign banks have connected to the SPFS from Armenia, Belarus, Germany, Kazakhstan, Kyrgyzstan and Switzerland.

Note that in 2014, the European Parliament adopted a resolution in which, in particular, it called for the exclusion of Russia from the SWIFT international settlement system. However, SWIFT considered such recommendations to be in violation of the rights and detrimental to the company.

Later, the Russian financier said that disconnecting the Russian Federation from the system threatens problems in international settlements for the country, but that it will be very expensive for the United States too.

We add that the Russian Federation, India and China are going to create an alternative to SWIFT to facilitate trade in the face of a possible increase in sanctions.

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