Western countries are preparing a new sanctions pressure on Russia, this time targeting the Central Bank’s Financial Message Delivery System (SPFS), which is the Russian equivalent of SWIFT. This was reported by RIA News.
Currently, the G7 and the EU are discussing the possibility of introducing restrictive measures against third country banks included in the SPFS. Nearly 160 foreign credit institutions from 20 countries are currently connected to this system, which was created in 2014 to provide Russian companies with the opportunity to make cross-border payments under sanctions.
Experts warn that the expansion of restrictions on SPFS participants with respect to unfriendly countries could significantly complicate international financial transactions, trade and investment for Russian business. But here a lot will depend on the position of third countries that will be able to continue cooperation for the sake of the preferences of the Russian Federation.
Moscow also has other payment alternatives, including the Central Bank Fast Payment System, platforms of Russian banks, and payment systems of China and India. In the long term, the creation of a blockchain-based global interstate system under the auspices of BRICS is considered.
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Source: Gazeta
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