2023-10-01 | 10:40
Today, Sunday, the Russian Central Bank announced a ban on local banks, starting today, from using the “SWIFT” system for money transfers in the country, and called on banks to use Russian banking systems exclusively.
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The bank said in a statement: “Now banks in Russia will be required to use local financial services and infrastructure exclusively for money transfers within Russia, especially the Financial Message Transfer System (SPFS).”
SWIFT is an international interbank system for transferring information and making payments, and more than 11,000 of the largest institutions in almost all countries of the world are linked to it.
After Western countries began imposing sanctions on Russia against the backdrop of the Ukrainian crisis, the Russian Central Bank developed a national payment system to replace the international payment system.