The interbank system for the transfer of financial information and making payments SWIFT will be waiting for Russia to return after the lifting of sanctions. But alternative options can be considered, said Boris Titov, Special Representative of the President of the Russian Federation for Relations with International Organizations to achieve sustainable development goals.
Titov doubted the feasibility of working through SWIFT.
I think that when the sanctions are lifted, the SWIFT system will be waiting for us, inviting everyone - "come to us, make calculations through us."
According to the Special Representative, many banks will choose more efficient and reliable systems than SWIFT. Among such alternatives are the digital yuan system and the international settlement platform based on it. It is used by the countries of Southeast Asia and the Middle East.
About SWIFT in Russia
Since 2022, due to Western sanctions, the list of Russian banks that are disconnected from SWIFT has been expanding. Europe believes that this tool should weaken the Russian economy due to difficulties in international settlements.
However, the Central Bank of the Russian Federation launched the System for Transfer of Financial Messages (SPFS) back in 2014. In 2023, working with it became mandatory for all domestic credit institutions. More than 550 participants from 20 countries are connected to the system.
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