Russia Launches Own 'SWIFT' Service, Links Up 91 Credit Institutions

© Sputnik / Anton Denisov / Go to the mediabankRussian Central Bank building on Neglinnaya Street
Russian Central Bank building on Neglinnaya Street - Sputnik International
Almost 91 of Russia's credit institutions have been incorporated into a newly launched Russian domestic 'SWIFT' analogous.

Illustration picture shows the SWIFT logo at their headquarters in Brussels, 26 June 2006 - Sputnik International
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Ekaterina Blinova — Almost 91 domestic credit institutions have been incorporated into the new Russian financial system, the analogous of SWIFT, an international banking network.

The new service, will allow Russian banks to communicate seamlessly through the Central Bank of Russia. It should be noted that Russia's Central Bank initiated the development of the country's own messaging system in response to repeated threats voiced by Moscow's Western partners to disconnect Russia from SWIFT.

Russian Prime Minister Dmitry Medvedev meeting with miniters - Sputnik International
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SWIFT (The Society for Worldwide Interbank Financial Telecommunication) is a Belgium-based international organization that provides services and a standardized environment for global banking communicating that allows financial institutions to send and receive messages about their transactions.

Joining the global interbank system in 1989, Russia has become one of the most active users of SWIFT globally, sending hundreds of thousands of messages per day. In general, SWIFT provides a secure communication network for more than ten thousands of financial institutions around the world, approving transactions of trillions of US dollars.

Swift payment system - Sputnik International
West to Face Risks If Disconnects Russia From SWIFT Payment System
Earlier this month Russian Deputy Prime Minister Igor Shuvalov expressed confidence that Russia would not be disconnected from SWIFT. In her turn, Russian Central Bank First Deputy Chair Ksenia Yudaeva called upon Russian civilians and financial institutions not to dramatize the current situation.

Russian experts point to the fact that Western businesses would face severe losses if they expelled Russia from the international SWIFT system. On the other hand, the alternative system launched by Russia might reduce the negative impacts caused by measures imposed by the West, including possible disconnection from SWIFT, and diminish Western financial dominance over Russia.

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