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.
“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.
SWIFT is a Society for Worldwide Interbank Financial Telecommunication. Various mass media had previously presumed block of access of Russia to SWIFT within the scope of the new European sanctions, however, later on Reuters reported that European Commission did not discuss such a measure.
Amid the legislation initiatives related to localization of financial transactions within Russia, CyberPlat informed Russian banks about the readiness of its product, which can be a total functional analogue of SWIFT interbank financial messaging system.
TASS: Russian Union of Industrialists and Entrepreneurs and “Russia” Association offer the Central Bank of Russia their own SWIFT counterpart creation scheme
Russian Union of Industrialists and Entrepreneurs offers the Central Bank its own SWIFT interbank settlements system counterpart creation scheme.
Russia’s Ministry of Finance is looking to bring under special control international system of interbank messaging SWIFT (Society for Worldwide Interbank Financial Telecommunications). Along with Bloomberg and Reuters it is planned to be recognized as an operator of critical infrastructure, making necessary amendments in the law “On the national payment system”.
As of late, political and economic sanctions of Western countries on Russia are becoming tougher, and the menace of destabilization of the whole bank sector of Russia is arising. Under the circumstances Central Bank directs its efforts towards forming a steady system, which, if push comes to shove, would negate the negative impact from without, while maintaining viability of the bank infrastructure and the whole financial market of the Russian Federation. One of the strategic directions is a search for solutions that would be able to replace SWIFT interbank financial telecommunication system. CyberPlat® has developed a system called CyberFT – Russian alternative to SWIFT. CyberPlat® CEO Andrey Gribov is sharing details about CyberFT.
"CyberPlat" CJSC proposed an ambitious project – a domestic equivalent of SWIFT financial data interchange network, designed to protect the Russian banking system from international sanctions.