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Russia is ready to possible disconnection from SWIFT

Россия готова к возможному отключению от SWIFT

The Russian financial system will survive the potential loss from the interbank system Swift. It’s incredibly difficult work of banks and will lead to the need to use obsolete technology, however, the Russian financial institutions and companies technologically ready for it, said Deputy Prime Minister Arkady Dvorkovich.

“Of course, it [Russia off from Swift] unpleasant, because it can make the job of companies, banks will slow down this job, will cause the need to use obsolete technologies of information transfer and calculations. However, due to the fact that this threat has repeatedly brought our financial institutions and companies are morally and technically ready. So any problem will meet adequately”, – said Deputy Prime Minister Arkady Dvorkovich, answering questions of students during the opening ceremony of the seventh session of the “international model United Nations”.

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He stressed that such measures will also bring harm to the companies operating in the United States and Europe. “Generally, it [Russia off from Swift] would be a crazy act on the part of our partners. It is obvious that it – I do not mean specific individuals that made this decision, and the companies that operate in the United States and Europe this can also bring harm. This applies not only to the disconnection from Swift,” – said Deputy Prime Minister.

  • Swift – international interbank transfer system information and make payments. It is connected to more than 11 thousand financial institutions in more than 200 countries.
  • The possibility of off Russia from Swift is discussed in 2014, when it was introduced the first anti-Russian sanctions in connection with the situation in Ukraine.
  • Especially noted in this issue, the European Parliament adopted a resolution in which, in particular, has urged to exclude Russia from the system of international payments Swift. However, in Swift similar recommendations are found violating law and damaging the company.
  • In 2017, Central Bank head Elvira Nabiullina announced the introduction of a system of transmission of financial messages Bank of Russia (SPVS), created as an alternative channel of interbank collaboration, with the aim of providing security and continuity in the provision of transmission services via electronic communications for the financial transactions.
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