Russia said that if it disconnects from the international payment system SWIFT, it will take advantage of other opportunities, but so far, Russia has not given up on it. RIA Novosti Deputy Foreign Minister Alexander Pankin (Alexander Pankin).
Pankin said earlier that Russia does not rule out the possibility of forming an alternative to SWIFT based on the new technology. Pan Jin said: “We have not given up SWIFT, but if we reject SWIFT, we will use other systems.” At the same time, the issue of possible partners to develop alternatives to SWIFT has not yet been discussed. “No, let’s see from afar,” he answered related questions.
In December 2020, Reuters announced that US President Joe Biden intends to “punish” Moscow on the grounds that he was suspected of participating in hacking attacks on US government agencies. One option for such punishment may be to disconnect from the SWIFT system, which has been ongoing since 2014.
It is worth noting that Russia has its own financial information system (SPFS), which was launched in 2014. All Russian banks and about 12 foreign banks from the Eurasian Economic Union (EAEU) countries have established ties with it. After disconnecting from SWIFT, the bank will switch to its Russian counterpart. However, for international payments, SPFS has not yet completely replaced, so the blow will be severe.
Experts believe that disconnecting from SWIFT will paralyze the transactions of Russian banks, and large exporters that will have to cooperate exclusively with foreign banks to provide services for their operations will be most affected. However, the problem will be resolved within a few weeks, although this will cause (for example) sharp fluctuations in the exchange rate.
The press secretary of Russian President Dmitry Peskov also did not rule out restricting Russia’s use of Visa and Mastercard payment systems by creating a “system that strengthens the sovereignty of all economic sectors.”
“This process is ongoing. You know, gradually, and not without problems, the Mir national payment system was created. We see that the system is now strong enough. Yes, it has no international circulation, but it is still a national There have been places where the system can be used. Now, no one doubts that the system will eventually spread globally. So-in all other areas,”-Peskov said.