Western SWIFT is no longer needed by Russia
Russian economy continues to gradually adapt to Western sanctions. Earlier we wrotethat the country has earned a domestic analogue of the SWIFT system. It is called the Financial Message Transfer Service (SPFS).
The state-owned corporation Rostekhnologii and the Rosneft company, which began interaction with the Central Bank of Russia within this system, have already joined the Russian project. Now Gazpromneft has also joined the Russian doubler of SWIFT.
They talked about the possibility of disconnecting the Russian banking system from SWIFT in 2014 against the backdrop of anti-Russian sanctions. It is believed that in this way a serious blow can be inflicted on the Russian economy and oligarchs close to the Kremlin. A precedent already exists: in the framework of European Union sanctions in 2012, Iran was disconnected from the international banking system. Only after the Islamic Republic concluded a “nuclear deal” were sanctions lifted.
SWIFT is an interbank system registered in the European Union, some economists call it the “Belgian cooperative”. However, despite the fact that the “cooperative” does not obey the laws of the United States, Washington managed at one time to force the Allies to excommunicate Tehran from the international banking system. Taught by other people's experience, some countries began to create their own analogues of SWIFT, for example, China International Payment System (CIPS) was launched in China. The Chinese national system protects these transfers from the curiosity of American and European intelligence agencies.
The Russian Financial Message Transfer Service gives participants greater security in the exchange of data and, unlike SWIFT, is free and does not charge a subscription fee. It is possible that SPFS will even be offered to the BRICS countries as an alternative to the “Belgian cooperative”.
A number of Russian economists doubt that Russia can actually be disconnected from the SWIFT, as the Islamic Republic had at one time. They believe that to date, anti-Russian sentiments in the European Union have not reached such a level that such a strong-willed decision could be made:
Too many parties are not interested in creating a hole in the SWIFT network in place of Russia. War is war, and lunch is about timetables
In reality, the SPFS is an emergency system that is in sleep mode. She is ready to wake up in the event of the most negative development of events. The Russian Service, due to its "island" character, does not give Russian companies special advantages. But it represents an additional safety circuit, which is better to have ready in case of excesses than not to have.
The state-owned corporation Rostekhnologii and the Rosneft company, which began interaction with the Central Bank of Russia within this system, have already joined the Russian project. Now Gazpromneft has also joined the Russian doubler of SWIFT.
They talked about the possibility of disconnecting the Russian banking system from SWIFT in 2014 against the backdrop of anti-Russian sanctions. It is believed that in this way a serious blow can be inflicted on the Russian economy and oligarchs close to the Kremlin. A precedent already exists: in the framework of European Union sanctions in 2012, Iran was disconnected from the international banking system. Only after the Islamic Republic concluded a “nuclear deal” were sanctions lifted.
SWIFT is an interbank system registered in the European Union, some economists call it the “Belgian cooperative”. However, despite the fact that the “cooperative” does not obey the laws of the United States, Washington managed at one time to force the Allies to excommunicate Tehran from the international banking system. Taught by other people's experience, some countries began to create their own analogues of SWIFT, for example, China International Payment System (CIPS) was launched in China. The Chinese national system protects these transfers from the curiosity of American and European intelligence agencies.
The Russian Financial Message Transfer Service gives participants greater security in the exchange of data and, unlike SWIFT, is free and does not charge a subscription fee. It is possible that SPFS will even be offered to the BRICS countries as an alternative to the “Belgian cooperative”.
A number of Russian economists doubt that Russia can actually be disconnected from the SWIFT, as the Islamic Republic had at one time. They believe that to date, anti-Russian sentiments in the European Union have not reached such a level that such a strong-willed decision could be made:
Too many parties are not interested in creating a hole in the SWIFT network in place of Russia. War is war, and lunch is about timetables
In reality, the SPFS is an emergency system that is in sleep mode. She is ready to wake up in the event of the most negative development of events. The Russian Service, due to its "island" character, does not give Russian companies special advantages. But it represents an additional safety circuit, which is better to have ready in case of excesses than not to have.
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