SWIFT shutdown: Russia ready with own alternative to international bank transfer system

ArticleBanking crisisMarch 26, 2018 - 8:09:37 AM

Global oil giant Rosneft has prepared itself for shutdown of SWIFT interbank cash transfer services, should Russia be shut out of the system as part of Western sanctions.

A Russian equivalent of SWIFT was tested by Rosneft in December, Gazprombank Vice-President Andrey Korolyov told TASS news agency. It is the first time that the Russian SWIFT analogue has been used by a huge corporation since its introduction in 2014.

Gazprombank is Russia’s third-largest bank. Both Rosneft and the bank have been the subjects of US sanctions...

Source:RT.com

On the same subject