Turkish economists are studying the possibility of working with the Russian analogue of the international payment system SWIFT — the System for Transfer of Financial Messages (SPFS, owned by the Central Bank of the Russian Federation), according to an informed source.
We know that there are countries that conduct transactions with Russia through this system
The Turkish side should analyze their experience in order to avoid secondary sanctions from the West. The United States has threatened financial institutions with disconnection from SWIFT if they are caught helping Russia circumvent economic restrictions.
In early 2024, Turkish companies exporting goods to Russia faced refusals from banks to accept payments from the Russian Federation. Relevant departments, including the Turkish Ministry of Trade, joined in solving this problem.
Until 2014, almost all banking operations passed through SWIFT. However, later the West announced that it would disconnect Russia from the system. In response, the Central Bank developed the SPFS. The system has been actively developing for the past two years, and participants from 20 countries of the world have connected to it.
