Russian banks that are not subject to international sanctions have the right to use alternative methods instead of SWIFT (International Interbank Information Transfer and Payment System) in the exchange of financial messages. Among the European authorities attributed to fax and e-mail (e-mail), informs Referring to the statements of the European Union (EU) officials dated 28 February, RBC.
This measure may also apply to the Agricultural Bank of Russia. The article states that this organization is not directly under EU blocking sanctions, but the ability to use the SWIFT system to exchange financial messages with foreign partners has been disabled.
“If the credit institution is not covered by EU blocking sanctions, banks have the right to use alternative methods to SWIFT in exchanging financial messages. Such alternative channels for receiving payment orders may be non-specialized financial messaging services: paper, fax, e-mail, etc. ”says the material.
Thus, Russian banks that are not subject to blocking EU sanctions will be able to continue to transact with European credit institutions for sanctions-free trade. The second concept means that trade turnover that is not affected by export or import restrictions is included in the note.
On February 25, European Union (EU) officials introduced the 10th package of sanctions against Russia. Under new commercial and financial constraints hit Including major Russian banks, including Alfa-Bank, Rosbank and Tinkoff. The sanction rationale states that these credit institutions “provide an important source of income for the government of the Russian Federation.”