Integration of national payment systems doesn’t boil down to a mere unification of the bank payment card systems
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.
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
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.
Politicians believe that even a partial disconnection from SWIFT may have very dramatic consequences for Russia’s economy.
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.
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.
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 consider excluding Russia from the SWIFT system, reads the approved resolution of the European Parliament plenary session.
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.