Chairman of the Central Bank of the Russian Federation (CB) Elvira Nabiullina spoke in an interview with RIA Novosti about the risks for national economic systems when using SWIFT technologies. According to the head of the Central Bank, many foreign countries are considering creating similar mechanisms for international money transfers.
According to Nabiullina, the previously proven SWIFT system has recently become less reliable due to various circumstances. The head of the Central Bank is confident that interstate relations in the field of finance and economics play a key role for global business. Entrepreneurs consider investments and foreign economic relations in the context of developing their own enterprises on the world market. This allows you to build a long-term business strategy.
Nabiullina said that now many countries are trying to look for alternative mechanisms to strengthen interstate ties at the business level.
On January 16, Deputy Chairman of the Central Bank Vladimir Chistyukhin spoke about the accession of 20 countries to the Financial Message Transmission System (SPFS), the Russian analogue of SWIFT. SPFS is under development.
Let us recall that in March 2022, the European Union imposed sanctions on Russia against the backdrop of hostilities in Ukraine. Russian banks, including Sberbank, VTB and several other large credit institutions, were subject to restrictions on the use of the SWIFT system.
Source: Rosbalt
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