Russia successfully tests its own SWIFT system

In December 2017, Gazprombank, on behalf of its client, oil company Rosneft, completed the first transaction using the System for the Transmission of Financial Messages. The system was developed by the Bank of Russia.

According to the Vedomosti newspaper, the transaction was conducted in December 2017. The press service of the Bank of Russia said that Gazprombank and Rosneft were ready to use the Bank of Russia's System for the Transmission of Financial Messages in case Russia could be disconnected from SWIFT.

The new system of the Bank of Russia may serve as a channel for the exchange of financial messages with any participant of the system. This channel can be considered as a channel for the electronic exchange of information with banks - a tool alternative to SWIFT on the territory of the Russian Federation.

The West has been discussing an opportunity to disconnect the Russian Federation from SWIFT system since 2014, when first anti-Russian sanctions were introduced as a result of the events in Ukraine.


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