Working in Russia foreign banks will be invited into a domestic analogue SWIFT

Работающие в России иностранные банки пригласят в отечественный аналог SWIFT

ACA proposes to obligate the “daughter” of foreign banks operating in Russia, to connect to the domestic counterpart of the international SWIFT system – the System of transmission of financial messages of the Central Bank.

According to RBC, the Ministry intends to oblige to join SPFS all credit institutions operating in the country. In practice, this will primarily affect Russian subsidiaries of foreign banking institutions.

The audit chamber intends to oblige the Russian credit organizations to participate in the faster payments System the Bank of Russia. The auditors believe that this will have a positive impact on the situation of transactions in the country and will help protect the financial system in case of disconnection of Russia from SWIFT.

This will prevent stop domestic financial transactions and reduce the negative impact on the banking system and the overall economy in the event of disruptions in the international interbank system or disconnect Russian banks.

The society for worldwide interbank financial communication channels, better known as SWIFT, was founded in 1973. The West uses this system as a way of putting pressure on national economies of its opponents – in particular, by the decision of the United States from the SWIFT cut off of Iran and North Korea. The Russian analogue system was introduced in 2014 on the backdrop of deteriorating relations with Western countries.