SBP transfers to Uzbekistan, Kyrgyzstan and Tajikistan become available from Russia

This makes life easier for migrant workers and relocants

A number of countries neighboring Russia have started accepting payments via SBP from Russia this year - this includes not only Belarus, but also Uzbekistan, Tajikistan, and Kyrgyzstan. More than 35 foreign banks in these CIS countries are already connected to the service, and more than five Russian banks offer the possibility to send money to them via SBP.

An analogue of SWIFT also works in the opposite direction to Russia from one country, however, the Bank of Russia does not specify which country it is
An analogue of SWIFT also works in the opposite direction to Russia from one country, however, the Bank of Russia does not specify which country it is
Image source generated by the Fusion Brain AI neural network

Experts note that the service is in demand not only among migrant workers, but also among relocants who continue to work remotely in Russia and receive income in rubles after leaving. Cross-border currency transfers are also used by those Russians who opened accounts in CIS countries after the SWIFT blockade in order to pay abroad. Therefore, the number of banks that want to work with SBP both in Russia and abroad will grow.

The Ural Bank for Reconstruction and Development calculated the demand for such a service in a clear calculation. According to their data, cross-border transfers from clients to CIS countries from August to October of this year increased by 1.6 times compared to the period from January to July of the same year.

Sources:
«Izvestiya»
2023-11-29 05:53:00 Finance SBP
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