Contents tagged with SWIFT

  • Russia fears losing access to correspondent accounts abroad

    Disconnection of Russia from SWIFT is unlikely, but there is a more serious problem - the loss of access to correspondent accounts abroad, through which Russian banks conduct transactions in foreign currency, said Olga Skorobogatova, the first deputy chairman of the Russian Central Bank, at a roundtable in the State Duma.

    "Many times we spoke about this, and SWIFT itself said, we really consider these risks minimal and do not see any serious threat and do not think that it will happen, because …

  • Kremlin: ‘sanctions spiral’ can lead to Russia losing access to SWIFT

    The Russian Ministry of Foreign Affairs believes that the SWIFT system may become part of a "sanctions spiral" against Russia, said the director of the Department of Economic Cooperation of the Russian Foreign Ministry, Dmitry Birichevsky in an interview with RIA Novosti.

    He recalled that "there are threats," especially from the United States, to disconnect Russia from the SWIFT system. However, under international law, sanctions can only be imposed by a legitimate body, such as the UN …

  • Kremlin claims SWIFT promises to continue working in Russia

    The Russian Central Bank does not see the risks of Russia being disconnected from the system of inter-bank payment SWIFT, said the first deputy chairperson of the Russian Central Bank, Olga Skorobogatova, during the meeting of the State Duma Committee on the Financial Markets.

    "At first, they speculated a lot about SWIFT, then it spilled over to Visa and Mastercard. From SWIFT point of view, a similar situation was in 2014, when some EU deputies spoke about it. We have direct contact with …

  • Kremlin: Russia is preparing to be disconnected from SWIFT

    Russia is working to minimize damage in the event it loses access to international financial instruments, but, for now, the Kremlin considers the possibility of being disconnected from the SWIFT interbank payment system as hypothetical, stated the Russian Foreign Ministry spokeswoman Maria Zakharova in an interview with RT.

    "The possibility of being disconnected from SWIFT is still considered as hypothetical. Nevertheless, inter-minsistry work is underway to minimize the risks and economic …

  • 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 …