Oreshkin: Russia does this, it didn’t have SWIFT for the need
Russia will try to make sure that there is no need for SWIFT, Maxim Oreshkin, Assistant to the President of the Russian Federation for Economic Affairs, said on the Territory of Meanings.
“With SWIFT it is very simple: we made the order so that there was no need for it. I have already said that this is indeed a key problem. <...> We are now concentrating on making promising economic activity as comfortable as possible,” said said Oreshkin (TASS quote).
According to Oreshkin, the world uses the dollar and the euro, as it was convenient. He noted that Russia and China use the currency “out of habit.” The official that at present the situation is favorable for the growth of turnover and ruble turnover.
“We will come up with such mechanisms that will simplify even more,” he added.
After the start of the use of safety security, SWIFT turned off Russian banks VTB“Russia”, “Opening“, Novikombank, Promsvyazbank, Sovcombank and VEB.RF. The shutdown did not affect banking customers in Russia, but did affect money transfers abroad. Later, several other credit institutions were disconnected from the system, including Sberbank.
At the end of June, the Chairman of the Central Bank, Elvira Nabiullina, announced that more than 70 foreign banks from 12 countries had joined the Financial Message Transfer System (SPFS), the Russian analogue of SWIFT. The regulator was created by the SPFS in 2014 after the issue of disconnecting Russia from the interbank system for transmitting information and making payments SWIFT was raised in connection with the annexation of Crimea. In particular, such an appointment to enter the European Council of the EU. SWIFT members are more than 11,000 financial institutions in more than 200 countries around the world. SPFS has about 400 users, including Russian and foreign banks and companies.
Earlier, Vedomosti reported that more and more Russian banks are connecting to national currency operations of CIPS (cross-border interbank payments) bank transfers, which allows using representatives of Rosbank and Gazprombank in yuan. Experts note that it still cannot completely replace SWIFT.