The report from a Russian news agency cites Oleg Prozorov, chief executive of the Belgian-Luxembourg Chamber of Commerce and Industry for Russia and the Eurasian region, who notes that Russia’s removal from the SWIFT financial messaging system has slowed cross-border trade with the European Union. The commentary points out that SWIFT, a Brussels-based cooperative that links thousands of banks worldwide, used to be a partner of the chamber, and its absence now complicates routine settlements and the timing of payments between Russian institutions and European counterparties.
The piece explains that transfers involving Russian banks now often require additional review. A specialized department steps in to verify whether any enforcement or compliance triggers are present in each transaction, adding complexity and delay to funds movement. This shift has ripple effects on imports, exports, and the broader business clock, as firms adjust to new procedures and longer settlement cycles in a landscape with tighter controls.
Anton Siluanov, who previously led Russia’s Ministry of Finance, spoke to RT about the impact of banning SWIFT along with Visa and Mastercard. He suggested that domestic financial operations have remained stable despite the sanctions, noting that the country is reallocating resources and shifting trade flows toward eastern partners. He acknowledged asset freezes abroad but emphasized that Russia is adapting by diversifying payment channels and reducing reliance on Western infrastructure.
Experts highlight that while sanctions aim to pressure Moscow, they also compel financial ecosystems to evolve. Businesses are increasingly exploring regional clearing mechanisms, alternative messaging networks, and currency diversification to sustain international commerce. The evolving environment requires heightened compliance vigilance, stronger interbank coordination, and more robust risk assessment strategies to ensure smooth transactions amid shifting sanctions and policy landscapes.