Contents tagged with SWIFT

  • Kremlin vows to quickly find a replacement for SWIFT

    Russia will quickly find a replacement for the SWIFT payment system if it is needed, said Russian presidential spokesman Dmitry Peskov.

    According to him, if SWIFT “turns to be unreliable”, an alternative to the international system of interbank payments will appear immediately.

    "We live in such a developed world that alternatives, or by-pass substitutes for this system will be found very quickly. It is impossible to limit Russia in anything," Peskov said on the program "Big Game" on the …

  • Chinese banks say 'no' to Russian SWIFT alternative

    While the Russian Foreign Ministry urges countries in Asia to abandon dollar and calls on China to say "no" to Western payment systems, the Russian SWIFT alternative, which was established five years ago, still can not attract a significant number of banks from China.

    The Financial Messaging System of the Bank of Russia (FMS), which was established in 2014 after the annexation of Crimea and the collapse of relations with the West, was designed to ensure uninterrupted payments in the event of a …

  • Kremlin acknowledges Russia could be disconnected from SWIFT

    The Kremlin does not rule out the possibility that Russia may be disconnected from the international system of interbank payments SWIFT, said the press secretary of the Russian President, Dmitry Peskov, TASS reports.

    According to him, Russia is forced to consider “all possible threats” due to the situation in the world.

    "You can see that the sanctions aspirations of our opponents, especially the United States of America, continue to grow," the Kremlin spokesman said.

    Peskov added that the …

  • Sentsov in Washington: Disconnect Russia from SWIFT

    During a discussion in Washington, the Ukrainian filmmaker and former political prisoner of Russia Oleh Sentsov called for Russia to be disconnected from the SWIFT interbank communications system. In his opinion, this would be the most effective way to put pressure on the Kremlin, Ukrinform reports.

    When asked how the US could influence Russia, Sentsov said: “I have a very short answer to this: disconnect SWIFT… It’s a more realistic step than extremely lengthy negotiations. My messages here, …

  • Russia, India and China plan to create SWIFT alternative

    India, Russia and China are investigating the possibility of creating an alternative to the SWIFT (Society for Worldwide Interbank Financial Telecommunication) payment mechanism which is prevalent in the US, in an attempt to make it easier to trade with countries under US sanctions, The Economic Times reports, citing informed sources.

    According to the news outlet, Russia’s System for Transfer of Financial Messages (SPFS) might be connected to China’s Cross-Border Interbank Payment System (CIPS) …

  • Russia and Turkey plan to abandon the US dollar in bilateral trade

    The governments of Russia and Turkey signed an agreement on payments in national currencies (rubble and lira), reports the Russian Finance Ministry.

    The purpose of the agreement is to increase the attractiveness of national currencies for Turkish and Russian companies, create an appropriate infrastructure of the financial market and gradually move to the use of the Russian ruble and the Turkish lira in payments between the parties.

    The intergovernmental agreement provides for the expansion of …

  • Western banks refuse to connect to Russia’s SWIFT alternative

    Major western banks have shown absolutely no interest in Russia’s alternative to the SWIFT payment system, which Russia created in 2016 after a sharp deterioration in its relations with the West, reports news outlet.

    In the three years that the Bank of Russia’s System for Transfer of Financial Messages (SPFS) has existed, only eight foreign entities have connected to it, said Alla Bakina, director of the Bank of Russia’s national payment system, on Wednesday.

    Of these, only three …

  • Iran to switch to Russian SWIFT alternative

    Iran’s banking ties to other countries, including Russia, are growing, despite being disconnected from the SWIFT payment system, said Iranian President Hassan Rouhani on Wednesday, reports TASS.

    “Fortunately, today Iran’s banking relations with several other countries are growing without the use of the SWIFT system,” the official presidential website cites Rouhani as saying. “There was a time when people in the West thought that banking relations were only SWIFT. But it’s not like that.”

    The …

  • Documents showing Turkey’s plans to join Russian SWIFT alternative found in dump near Moscow

    In July, Russia and Turkey held urgent negotiations on the possibility of connecting Turkish companies and banks to the Bank of Russia’s System for Transfer of Financial Messages (SPFS), an alternative to the internationally used SWIFT system.

    On Monday, the Telegram channel Baza published photos of documents found at a dump near Moscow, one of which mentions nogatiations conducted by the Russian Finance Ministry to organize payments in national currencies, including support for the Russian “ …

  • Russia to connect to Chinese SWIFT alternative

    Russia and China have agreed to transition to an international payments mechanism that is independent of SWIFT, Russian Deputy Finance Minister Alexey Moiseyev told Reuters in an interview.

    A corresponding point was included in the international agreement to develop payments in national currencies that was signed by Russian President Vladimir Putin and his Chinese counterpart Xi Jinping at the St. Petersburg Economic Forum in June.

    At present, China is the most “dollarized” market of all that …