What is the risk of disconnecting from SWIFT for Russia

According to the press secretary of the Russian President Dmitry Peskov, the West continues to threaten the Russian Federation with disconnecting the country from the system of international interbank payments SWIFT. The current situation obliges Moscow to take some proactive measures to mitigate such actions if they are implemented.

Peskov believes that Russia needs to "be on the alert" in this regard. The fact that the country needs to move away from the systems controlled by Western financial institutions was also stated by the head of the Russian Foreign Ministry Sergei Lavrov.

Associate Professor, Department of Financial Management, Russian University of Economics, Ph.D. economic Ayaz Aliyev believes that the disconnection of the Russian Federation from SWIFT can greatly affect the circulation of the ruble and its exchange rate. So, in this case, the volume of foreign exchange earnings from foreign sales will be reduced, which will cause an imbalance in the monetary and foreign exchange base.

In this case, a short-term high volatility of the national currency is possible, but then everything will return to normal.

- the expert noted the publication EADaily.

Aliyev noted that the Russian Federation is among the leading countries in the use of SWIFT, entering the top ten in terms of the volume of payments. However, there are also alternatives to this system, and the authorities should be ready to use them if necessary, since such threats against the Russian Federation have been heard for about seven years.

Earlier, a group of scientists from Russia, as part of countering the threat of disconnection from SWIFT, proposed to organize a double-circuit national monetary and financial system, as well as non-emission financial means of its circulation, which can be provided by strategic reserves of the state - this will allow launching a reserve circuit based on the Treasury and the European Development Bank.
  • Photos used: https://www.swift.com/
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  1. amateur Offline amateur
    amateur (Victor) 23 March 2021 12: 04
    What is the risk of disconnecting from SWIFT for Russia

    And nothing. Russia will simply switch to the CIPS (China International Payments System) payment system, which is being developed in China. Well, the Germans will carry the Jews to Moscow in cash bags to the kraynyak. repeat
    1. 123 Online 123
      123 (123) 23 March 2021 17: 40
      A bit wrong. No. Russia has its own, by the way, Belarus is already connected to it. Rather, they will establish interaction, the systems will dock with China, Iran (they also have their own) and, apparently, somehow with the European one too. drinks
      1. amateur Offline amateur
        amateur (Victor) 23 March 2021 17: 45
        I totally agree. drinks wink
  2. GRF Offline GRF
    GRF 23 March 2021 12: 49
    The fact that they will have to issue a law according to which everything produced in the Russian Federation should be sold for rubles. Contracts in other currencies must be subject to higher taxes or fines.
    But this will not happen, because to remain with a swift but without resources, the West is not Lithuania, they understand what, where ...
  3. nov_tech.vrn Offline nov_tech.vrn
    nov_tech.vrn (Michael) 23 March 2021 14: 06
    Knock knock I'll open it myself! For several years Russia has been developing its own system of fast payments and interbank settlements, and now disconnecting from swift is no longer critical.
  4. Jacques sekavar Offline Jacques sekavar
    Jacques sekavar (Jacques Sekavar) 24 March 2021 15: 56
    An alternative to SWIFT in the Russian Federation is the financial messaging system (SPFS), and in the PRC - the Chinese international payment system (CIPS)
    Disconnecting them from SWIFT will severely hit the prestige of the United States and contribute to the proliferation of alternative systems, especially after the integration of the systems of the Russian Federation and the PRC and the start of their use within the EAEU, NSHP and other agreements, and if India also connects to them, SWIFT will eventually greatly lose its global status.
    It's another matter if the United States seizes the RF gold reserves as it did in relation to Iran and Venezuela, but apparently taking into account such a possibility, the Central Bank of the Russian Federation and the People's Bank of China are reducing their size in the USA.
    Another possible trick is blocking the accounts of Russian commercial companies and banks, but then it will greatly complicate the export of income from the activities of foreign and joint companies in the Russian Federation.
    They can also impose a ban on stock speculations and IPOs of Russian state-owned private organizations, but apparently smart people are thinking about this too, especially since there is an alternative in the PRC, but which has not received wide international distribution at the present time, but whatever one may say, but the economy of the PRC last year came out on top, overtaking Sshasovskaya and this is the key to joint success and independence of the PRC and the Russian Federation.