Europe will help Russia if it is disconnected from SWIFT

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The West has long threatened Russia with disconnection from the SWIFT international payment system. The last time the European Parliament was on April 29 this year again spoke about these measures in the event of a Russian "aggression" against Ukraine. Moscow is looking for alternatives to SWIFT, and some of them may be offered by international partners.

There are several such alternatives. The domestic version of the SWIFT replacement, albeit to a limited extent, is the Financial Messaging System (SPFS) of the Bank of the Russian Federation. It was joined by about 400 financial institutions in Russia. Traffic within SPFS doubled last year, but the System is not yet able to fully replace SWIFT.



Another option is to use China's Cross-Border Interbank Payment System (CIPS). However, CIPS only takes 0,3 percent of SWIFT. 23 Russian banks have connected to it, while only one financial institution of the PRC interacts with SPFS - the state-owned Bank of China.

If the Russian Federation is disconnected from the international payment system, Europe may come to Moscow's aid, developing the INSTEX trade exchange support mechanism. The European Union, dissatisfied with the imposition of US sanctions against Tehran, is taking its own steps to ensure the safety of international payments. However, INSTEX so far carries out only humanitarian operations that do not fall under Washington's sanctions measures. Nevertheless, the EU is gradually seeking to reduce its dependence on US clearing houses, as well as on Visa and MasterCard.

In the future, the EU plans to improve the efficiency of INSTEX, and countries such as Russia and China have already offered their cooperation in this direction.

- noted the resource Russia Matters.
6 comments
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  1. 123
    123
    +5
    4 June 2021 12: 37
    Will Europe help Russia? First of all, she will help herself and think exclusively about her own interests. It's just that at this stage they coincide with ours.
    Both we and they are interested in avoiding the US dominance in international payments.
    SWIFT is not an American organization, but an international one, by the way, the headquarters in Belgium. The fact that the United States is in charge of it is at least the "merit" of the Europeans themselves, and so much so that they are forced to create an alternative. It's time to correct your mistakes and no need to talk about any help. My benefactors too ... sad
    1. Alexander Betonkin
      Alexander Betonkin
      +2
      4 June 2021 17: 40
      Strongly agree with you.
    2. Pivander
      Pivander
      +1
      5 June 2021 11: 43
      Well, as if inside the EU itself does not remember about SWIFT. SEPA in the EU. SWIFT is for cross-border payments only. The EU could admit to this payment system, important banks outside the EU - in an extreme case. Otherwise, you can stay without gas winked
      1. 123
        123
        +2
        5 June 2021 12: 04
        The EU could admit to this payment system, important banks outside the EU - in an extreme case.

        Do they give us access to the system from the master's shoulder? We don't need any favors. They have their own system, we have our own system. It is enough to establish pairing, preferably before the onset of cold weather winked

        Otherwise, you can stay without gas Yes
        1. Pivander
          Pivander
          +2
          5 June 2021 12: 09
          I put it wrong, it is natural to connect both systems, and not work only in SEPA.
          1. Dear sofa expert.
            Dear sofa expert.
            +1
            5 June 2021 23: 10
            it is natural to connect both systems, and not work only in SEPA.

            There are also such "connections with SEPA". At least 5 European banks offer (although not entirely free) these services: Dresdner Bank, Deutsche Bank, Hypo Vereinsbank, ING Diba, DKB.