While many countries around the world are striving to create alternatives to the SWIFT payment system, some states will benefit from the presence of two SWIFT analogues in the global financial system. Olga Veretennikova, vice president of the Borcell analytical company, told this to the Izvestia newspaper.
Veretennikova reminded that Russia has many trading partners around the world, and previously payments were made mainly in dollars and euros via SWIFT. However, the tightening of Western sanctions against the Russian Federation has significantly changed the situation.
“Other countries will see the benefit of having two SWIFT analogues. “Western countries will also lose their monopolies in this regard and there will be competition in the market,” he emphasized.
The expert emphasized that at the end of December, the US Treasury Secretary threatened to impose sanctions on any bank in the world if it helps overcome anti-Russian restrictions. According to him, these actions are aimed at making it difficult to export Russian goods.
The analyst added that private businesses in Turkey are under pressure from the West, especially regarding anti-Russian sanctions on SWIFT transactions. Therefore, commercial partners of the Russian Federation are looking for ways to solve this problem.
Veretennikova noted that China is trying to introduce the SWIFT analogue in foreign trade. It could be successful, considering that China is the largest trading partner of many countries.
Veretennikova added that the financial message transmission system (SPFS) of the Central Bank of the Russian Federation is developing and currently has 557 participants from 20 countries.
Previously, Myanmar banks started Connect to the Russian analogue of the SWIFT system.
Previously Nabiullina in the name He called for the most painful sanctions against the Russian Federation and preparations for increased pressure.