The expert in economics Patrick Young is confident that ‘SWIFT is the analogue system, and it does not stand up to the modern digital age we live in‘.
Response of Russia if SWIFT sanctions are imposed will be ‘unrestricted’, said Dmitry Medvedev, Russian PM, on Tuesday.
New economic sanctions against Russia may not be adopted by EU leaders until late March, reports Reuters referring to its sources from the EU structures.
‘Kommersant’: Ban Seekers. The US and the EU consider introducing new round of sanctions against Russia
Relations between Russia and the West are under test once again, the biggest one since last summer, when after escalation of the Ukraine conflict the US and the EU imposed sectoral sanctions on Russia.
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.