Russia Has Launched its
Own New 'SWIFT' Service
February 28, 2015 [...]
Russia has recently created its own 'SWIFT' (domestic) system in which 91 credit institutions have already been integrated in mid-February 2015 - as reported by SputnikNews.
The new Russian financial system will (at least) partially be able to replace the international SWIFT system.
The new system will allow Russian banks to "communicate seamlessly through the Central Bank of Russia" - as the mentioned SputnikNews.com article states.
Russia has been one of the most active users of the Belgium-based SWIFT system on a global scale.
The West has repeatedly threatened to exclude Russia from the SWIFT system, therefore the domestically-based new system acts as a "backup" network.
It will counter-balance the West-imposed sanctions and will even facilitate a possible disconnection from the SWIFT system, making Russia less vulnerable to Western financial influence and sanctions.
comments powered by Disqus