Russia - to the West: Disconnect from SWIFT, we are ready

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Russian Deputy Prime Minister Arkady Dvorkovich said that Russian banks are ready for a possible disconnection of Russia from the Swift interbank system. More than 11 thousand banks and other financial organizations in 200 countries of the world are connected to this payment and information system.



They talked about disconnecting Russia from Swift back in 2014 in the general context of sanctions imposed against the Russian Federation. Now, when relations with the West are becoming increasingly tense, the threat of disconnection seems quite realistic.

Dvorkovich claims that Russia without Swift will be able to ensure the normal functioning of its banking system. Will have to use outdated Technology and methods, but disconnection will not cause serious problems for banks and payment services. Moreover, the Bank of Russia has created its own interbank information transfer system, alternative to Swift.

Another thing is that for the Western countries themselves, disconnecting Russia from Swift would be a very risky and stupid move - in the modern world the economy everything is interconnected, both American and West European banks and companies will immediately begin to incur certain losses.
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