Without SWIFT, Russia has accelerated again?

According to Reuters on September 23, the Russian Bank of Russia said on the 23rd that the coverage of Russia's Global Financial Communications Association (SWIFT) replacement system has expanded at a record speed this year. At the same time, Moscow is increasing the financial shortcomings caused by Western sanctions.

It is reported that after the outbreak of the Russian and Ukraine conflict, the West imposed a comprehensive sanctions on many large banks in Russia, which seriously limited the opportunity to enter the global financial system of the Russian lending institution to enter Swift. Swift is the pillar of global financial transactions.

Ala Binna, director of the National Payment System of Russia, said that 50 new entities have joined the Russian alternative system this year, making the total number of entities reaching 440, of which more than 100 are non -resident entities.

Park said in a banking forum held in Kazan: "Because more foreign participants joined, the financial information transmission system (SPFS) has expanded this year."

She said: "In the first half of this year, the number of entities joined SPFS was more than all years before the previous system."

Parka said that the Russian central bank will not announce the list of institutions that join SPFS.

It is reported that some Russian banks, including some foreign financial institutions under the Russian market, can still enter the SWIFT system and can handle the business paid to overseas entities.

More than 200,000 financial institutions in more than 200 countries and regions use SWIFT systems.

Western sanctions have increased the number of uses of SPFS and MIR banking cards (Russia used to replace Toska and Mastercard and Mastercard. MIR's circulation in Russian means "world" or "peace").

Parka said that one -third of Russia's bank card is now a MIR card.

But the promotion of MIR cards faces resistance. After the latest rounds of sanctions against Russia in the United States, banks in Turkey, Kazakhstan, Vietnam, and Uzbekistan stopped MIR card transactions.

Washington listed the Russian State Payment Card System Corporation (NSPK) CEO Vladimir Cimletv on the sanctions list, which prompted some foreign banks to cancel the support of NSPK.

Cuba, South Korea, and some former Soviet Union joined the Republic to allow the use of MIR cards, but Cimerv said on the 22nd that NSPK has stopped disclosing a national list of national lists accepting MIR cards.

Source: Reference message

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