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Expert.ru: Bankers calling on the Central Bank of Russia to set up an independent clearing system

20.10.2014

CyberPlat has developed its own financial message transfer platform CyberFT – a counterpart of the international SWIFT – which is proposed to be launched along with a new Russian clearing system.

Central Bank of Russia is not convinced by SWIFT

07.10.2014

Russia will continue to set up its own interbank settlement system

Members of the National Payment Council propose to set up SWIFT substitute based on the Central Bank of Russia

25.09.2014

Threats to block Russian banks from the system of interbank transfers SWIFT have been circulating for weeks. Last week European Parliament proposed EU countries to consider excluding Russia from the system.

US senators insist on cutting Russian banks off the SWIFT system

25.09.2014

Politicians believe that even a partial disconnection from SWIFT may have very dramatic consequences for Russia’s economy.

RBC daily: banks are testing their systems in case of disconnection from SWIFT

23.09.2014

Ministry of Finance of the Russian Federation intends to make international system of financial message exchange SWIFT set up a subsidiary in Russia. Experts believe that developments may follow the scenario of Visa and MasterCard. According to RBC, largest banks of Russia have already started testing their systems of financial information exchange not waiting for the decision of authorities.

Kostin called disconnection from SWIFT an act of aggression against Russia

21.09.2014

Cutting Russia off SWIFT is an act of aggression against Russia, response to which must be as tough as possible, said VTB head Andrey Kostin at International Investment Forum held in Sochi.

European Parliament Calls for EU to exclude Russia from the SWIFT System

19.09.2014

On Thursday, September 18, during the plenary session members of the European Parliament adopted a resolution on excluding Russia from the SWIFT system. Such resolutions are not mandatory; the final decision rests with the union countries and European Commission.

European Parliament calls on EU countries to exclude Russia from the SWIFT system

18.09.2014

European Parliament calls on EU countries to consider excluding Russia from the SWIFT system, reads the approved resolution of the European Parliament plenary session.

Exclusion of Russia from SWIFT may cause a 5% GDP fall

17.09.2014

Former Minister of Finance Alexei Kudrin predicts zero growth of Russian economy in the years to come due to the low investment inflow. He believes structural issues had been obvious well before the Ukraine crisis and sanctions on Russia.

RBC: Central Bank of Russia was offered a SWIFT alternative

17.09.2014

“National Payment Council” association suggests we switch from SWIFT to the system of the Bank of Russia and of the National Settlement Depositary of Russia. That offer was sent by the association to Georgy Luntovsky, senior vice president of the Central Bank of Russia (RBC has the letter). In the letter the association points out that it has discussed the issue with the banks and opinions of the market players have divided. In general, market players realize that it wouldn’t hurt to have alternative channels of information transfer in order to exchange financial messages within the scope of the Russian National Payment System (NPS). And dependence of depositary institutions on SWIFT within Russia isn’t deemed to be all that crucial, says the letter.

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