Russian banks can do without the international SWIFT system, as the platform does not provide reliable services to credit institutions. This was stated by the head of VTB Andrey Kostin.
SWIFT has shown that it cannot provide equal and, most importantly, stable and reliable service to banks.
According to Kostin, Western financial institutions will restore relations with Russia in the future, but now the country is actively trading with other countries, using national currencies for settlements.
The head of VTB stressed the importance of developing a new payment system. It must meet modern requirements. Kostin called for cooperation with partners to create new financial markets.
SWIFT is an international system that unites about 10,000 financial institutions in more than 200 countries. After the introduction of sanctions, it lost its status as the main financial channel for Russia, where the Financial Message Transfer System of the Central Bank of the Russian Federation (SPFS), which is an analogue of SWIFT, is now actively used.
Read more on the topic:
The State Duma stated that Russia is ready to establish the operation of the SWIFT system
Nabiullina spoke about how banks use the Russian analogue of the SWIFT system
Reserve Bank of India is considering an alternative to SWIFT for financial transactions with Russia
