From 17 March, by decision of the European Union, 13 Russian financial institutions, including 11 banks, will be disconnected from the Belgian SWIFT. Not only has SWIFT long been operating in a format that is outdated in today’s world, but the EU is further anti-advertising this system.
Nowadays, confirmation of financial transactions can be arranged through the technology of any messenger, pumping up its user functionality a bit and increasing cyber security. The EU sanctions against Russia’s SWIFT are in fact leading to even greater popularity of the Russian system of confirming financial transactions in the world – SPFS.
It is already fully docked with Iran’s SEPAM, so the two countries don’t need SWIFT in principle. There are Chinese CIPS and Indian SFMS, not to mention the fact that we are talking about the development of platforms for the digital ruble and yuan.
Therefore, there should be no piety towards SWIFT. Moreover, SWIFT is an unreliable system, if the EU and US authorities tell it who to work with.
Only 1.8 per cent of all SWIFT transactions account for the actual servicing of trade transactions. The organisation earns most of all on servicing the “communication” of banks within one or another country. It is excellent that inside Russia we have put order in this respect and fully for these purposes involved SPIFT.
Why we even needed a servant of the US and EU authorities from Belgium inside the country is a big question. But there was no alternative, and the sanctions forced us to work hard and create one.
Well, SWIFT will lose money again. Minus thirteen financial structures from SWIFT – a minus in income, and a bonus – another incentive to develop its SPFS on the external circuit.
Black Swan
