In 2014, the Bank of Russia launched the Financial Messaging System (SPFS) in test mode. The system can transmit data in the SWIFT format, but it does not depend on its channels. In 2017 ...
The U.S., the U.K., Canada and the European Union announced that they would disconnect SWIFT from “selected” Russian banks in the backdrop of the Russian Invasion of Ukraine. "Russia’s war ...
Russia is said to be highly dependent on SWIFT for its key oil and gas exports. The assets of Russia’s Central Bank will also be frozen, which would limit access to overseas reserves.
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