Russian Central Bank promises to circumvent sanctions against Russian SWIFT

The Central Bank of the Russian Federation is confident that it will be able to circumvent the EU sanctions against the System for Transfer of Financial Messages’ (SPFS), developed as an analogue of the SWIFT system.

Source: Vladimir Chistyukhin, First Deputy Governor at the Central Bank of the Russian Federation, The Moscow Times reports

Details: He asserts that a way out of the situation will be found, and the so-called Russian SWIFT will continue to operate.

"The sanctions pressure is a fact that will have to be taken into account in the practical activities of the Russian infrastructure, including the SPFS.

At the same time, we believe that we will find a way out of the current situation with our partners in order to continue the functioning of this system in the proper manner," Chistyukhin said.

In the 14th package of sanctions adopted last week, the EU banned European companies from connecting to the SPFS and conducting transactions with those using it outside Russia. This is actually cutting off the offenders from the European financial system, The Moscow Times adds.

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