Russia has internal replacement for SWIFT, cenbank says
The United States and its allies, on 25 February, moved to block certain Russian banks’ access to the SWIFT international payment system in further punishment of Moscow as it continues its military assault against Ukraine
Swift logo is seen in this illustration taken, Bosnia and Herzegovina, February 25, 2022. REUTERS/Dado Ruvic/Illustration
Russia has a system that can replace the SWIFT international payments system internally, Central Bank Governor Elvira Nabiullina said on Monday, stressing the need to support clients of banks.
Nabiullina said all banks in Russia will fulfil their obligations and all funds on their accounts are secured.
The United States and its allies, on 25 February, moved to block certain Russian banks' access to the SWIFT international payment system in further punishment of Moscow as it continues its military assault against Ukraine. Japan later joined moves by the US and other Western nations to impose sanctions against Russia, including restrictions on access for some Russian banks to the SWIFT system.
Keep updated, follow The Business Standard's Google news channel
