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Russia Bans Swift - Foreign Affairs - Nairaland

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Russia Bans Swift by Ismahill(m): 6:52pm On Mar 20, 2023
Russia bans SWIFT


The Bank of Russia has forbidden Russian financial institutions to use the SWIFT messaging system for transactions inside the country, the regulator announced on Monday.

Starting from October, Russian banks will be obliged to only use domestic services for transferring messages on financial transactions. The use of SWIFT will be allowed only for international payments.

“This will ensure reliability, continuity and security of data exchange when conducting intra-Russian transactions,” the regulator said in a statement.

Information on such transactions will now need to be transmitted through the Bank of Russia’s own banking systems, services of third-party Russian companies, or through the Bank of Russia’s own financial messaging system, SPFS.

The SPFS was created by the regulator in 2018 as a substitute for SWIFT on the domestic market. While its coverage is still much smaller than that of SWIFT – which boasts 11,000 financial organizations globally – the spread of SPFS has been gaining momentum in recent months. In February, the Russian Central Bank announced that SPFS now has 469 participants, including 115 foreign entities from 14 nations.


Russia was forced to start seeking alternatives to SWIFT in dealing with foreign partners last year, after some of the country’s largest banks were disconnected from the system as part of Western sanctions.

At present, ten Russian banks are disconnected from SWIFT, including Sberbank, VTB, Otkrytie, Rosselkhozbank, Novikombank, Promsvyazbank, Rossiya, Sovcombank, VEB.RF, and MKB. Banks which have not been disconnected but are under blocking sanctions from Western countries may also face difficulties using the system.

Source:https://www.rt.com/business/573298-russia-bans-swift-use/

6 Likes

Re: Russia Bans Swift by Mercury12(m): 6:53pm On Mar 20, 2023
Long overdue undecided

11 Likes

Re: Russia Bans Swift by Ismahill(m): 6:55pm On Mar 20, 2023
Mercury12:
Long overdue undecided
i must say......the west needs to be taught lesson

16 Likes 3 Shares

Re: Russia Bans Swift by azadus18: 6:56pm On Mar 20, 2023
Putin no send anybody

15 Likes 2 Shares

Re: Russia Bans Swift by God1000(m): 6:58pm On Mar 20, 2023
Lol, this is funny.

The west actually kicked Russia out first

1 Like

Re: Russia Bans Swift by Mercury12(m): 7:01pm On Mar 20, 2023
Ismahill:
i must say......the west needs to be taught lesson
They already feeling the heat. They are just too ashamed to admit it. Fvcking imperialists

12 Likes 1 Share

Re: Russia Bans Swift by Ismahill(m): 7:07pm On Mar 20, 2023
Mercury12:
They already feeling the heat. They are just too ashamed to admit it. Fvcking imperialists
walahi....Germany the most hit...

2 Likes

Re: Russia Bans Swift by Jogs1900: 7:22pm On Mar 20, 2023
For International transactions, Russia will still use SWIFT.

1 Like

Re: Russia Bans Swift by oz4real83(m): 8:01pm On Mar 20, 2023
Russian banks have been disconnected from using swift long ago and Russia is also banning Russian banks from using swift that they have long been disconnected from, is this not a total waste of time by Russia

1 Like

Re: Russia Bans Swift by BidenDConquerer: 8:22pm On Mar 20, 2023
BidenDConquerer:

True.
Tanzania & India Switch From US Dollar To Local Currencies In Bilateral Trade
https://www.nairaland.com/7617235/tanzania-india-switch-us-dollar


Indonesians Urged To Abandon Western Payment Systems
https://www.nairaland.com/7617715/indonesians-urged-abandon-western-payment
Re: Russia Bans Swift by bassdow: 10:07pm On Mar 20, 2023
oz4real83:
Russian banks have been disconnected from using swift long ago and Russia is also banning Russian banks from using swift that they have long been disconnected from, is this not a total waste of time by Russia

SWIFT is used both LOCALLY & INTERNATIONALLY. Russia was banned from using SWIFT INTERNATIONALLY, but right now, RUSSIAN has banned the use of SWIFT LOCALLY also hence now it's total disConnection

5 Likes 1 Share

Re: Russia Bans Swift by seunny4lif(m): 12:39am On Mar 21, 2023
oz4real83:
Russian banks have been disconnected from using swift long ago and Russia is also banning Russian banks from using swift that they have long been disconnected from, is this not a total waste of time by Russia
Russia banning SWIFT from 1st oct locally.
Russia is still getting paid my SWIFT, SWIFT only cut off some Russia banks

Iran have one the highest PPP in the middle east yet they don't even use SWIFT.

2 Likes

Re: Russia Bans Swift by seunny4lif(m): 12:41am On Mar 21, 2023
Ismahill:
walahi....Germany the most hit...
Massive protest ongoing in France for almost a week now,
Military and Police have been deployed with heavy equipment yet it is not on any headline news

8 Likes 1 Share

Re: Russia Bans Swift by Masterviolence: 3:34am On Mar 21, 2023
In the long run the u.s will be the biggest loser in this war.
Ask my why?
It is because they made a grave mistake. A mistake not in the sending of armaments to Ukraine, but of weaponizing SWIFT and the USD against Russia.

This mistake paved way to a steady and an unhurried decline of the American empire.

First, the Russians sold her commodity in rubles a currency other than the USD without facing bombardment from the u.s, something that led to the death of Muammar Gaddafi and Saddam Hussein.
And since then other countries like china, Iran, India etc, has followed the Russia's step of trading with currencies other than the USD, even UK is considering the same thing.

Secondly, Russia is gradually moving away from SWIFT, they've gotten to the point where swift is history in the domestic market, soon it'll face the same fate internationally.

There's a saying 'if you're not brave enough no one will back you up', but if you're brave and strong people will surely back you up and follow your lead, countries like china, Iran, (all BRICS and all incoming members) etc are doing just that.
Including moving away from western payment gateways like Mastercard and Visa, Russia has moved away from using those to using domestic card, India is rapidly developing a domestic card, Indonesia, turkey, even my beloved Nigeria is thinking of doing the same.

'The opportunity to secure ourselves against defeat lies on our own hands but the opportunity to defeating the enemy is provided by the enemy himself' ~ Sun Tzu (The art of war)


The u.s provided an opportunity to a multi polar world (defeat) by making this mistake.

7 Likes 1 Share

Re: Russia Bans Swift by oz4real83(m): 6:58am On Mar 21, 2023
Masterviolence:
In the long run the u.s will be the biggest loser in this war.
Ask my why?
It is because they made a grave mistake. A mistake not in the sending of armaments to Ukraine, but of weaponizing SWIFT and the USD against Russia.

This mistake paved way to a steady and an unhurried decline to the American empire.

First, the Russians sold her commodity in rubles a currency other than the USD without facing bombardment from the u.s, something that led to the death of Muammar Gaddafi and Saddam Hussein.
And since then other countries like china, Iran, India etc, has followed the Russia's step of trading with currencies other than the USD, even UK is considering the same thing.

Secondly, Russia is gradually moving away from SWIFT, they've gotten to the point where swift is history in the domestic market, soon it'll face the same fate internationally.

There's a saying 'if you're not brave enough no one will back you up', but if you're brave and strong people will surely back you up and follow your lead, countries like china, Iran, (all BRICS and all incoming members) etc are doing just that.
Including moving away from western payment gateways like Mastercard and Visa, Russia has moved away from using those to using domestic card, India is rapidly developing a domestic card, Indonesia, turkey, even my beloved Nigeria is thinking of doing the same.

'The opportunity to secure ourselves against defeat lies on our own hands but the opportunity to defecting the enemy is provided by the enemy himself' ~ Sun Tzu (The art of war)


The u.s provided an opportunity to a multi polar world (defeat) by making this mistake.
some of you are funny, swift is like WhatsApp, the only difference is that it deals solely on financial transfer messages. When you receive and pay money from one country to another, you are securely notified. It isn't even owned by the US. Suppose Nigeria bans WhatsApp for instance, who will suffer more? Nigerians, or facebook the owners of WhatsApp? Use the same analogy for swift and know whether it is America or Russia that will be at loss.
Re: Russia Bans Swift by Ismahill(m): 7:12am On Mar 21, 2023
oz4real83:
some of you are funny, swift is like WhatsApp, the only difference is that it deals solely on financial transfer messages. When you receive and pay money from one country to another, you are securely notified. It isn't even owned by the US. Suppose Nigeria bans WhatsApp for instance, who will suffer more? Nigerians, or facebook the owners of WhatsApp? Use the same analogy for swift and know whether it is America or Russia that will be at loss.
you are not getting it bro....China has banned Facebook for years now bt dy are still surviving...why?..because dy have an alternative for it

2 Likes

Re: Russia Bans Swift by oz4real83(m): 10:19am On Mar 21, 2023
Ismahill:
you are not getting it bro....China has banned Facebook for years now bt dy are still surviving...why?..because dy have an alternative for it
don't compare china with Russia, with over a billion people, China is a market on its on unlike Russia. China has its own app and enough people to make sure the app succeeds without Facebook. Swift is being used by over 200 countries and most of these countries are allies of the US and being banned will affect Russia, forget the pretence the govt of Russia is trying to display to the public, only the Russian people and businesses know the pain they go through with this ban.
Re: Russia Bans Swift by Masterviolence: 10:46am On Mar 21, 2023
oz4real83:
some of you are funny, swift is like WhatsApp, the only difference is that it deals solely on financial transfer messages. When you receive and pay money from one country to another, you are securely notified. It isn't even owned by the US. Suppose Nigeria bans WhatsApp for instance, who will suffer more? Nigerians, or facebook the owners of WhatsApp? Use the same analogy for swift and know whether it is America or Russia that will be at loss.
Swift is a payment network, using WhatsApp as an example is applaudable. In this advanced age swift is a must have tool for international transaction.

Where you got it wrong is thinking it is not owned by the u.s. it is largely owned by the west especially the u.s.
In a nutshell: Anything largely owned by the west is under the authority of the u.s.

That's the reason they call it the American empire.

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