Russia weighs possible disconnection from SWIFT

An interagency working group is studying the consequences of Russia’s possible disconnection from the international SWIFT payment system. This was stated by the Russian Foreign Ministry spokesperson Maria Zakharova in an interview with RT.

She stressed that the scenario of disconnection from SWIFT remains treated as hypothetical:

“Work is under way to minimise the risks and economic damage from restricting Russia’s access to familiar international financial instruments and payment mechanisms.”

Among alternatives to SWIFT, Maria Zakharova named the Bank of Russia’s Financial Messaging System.

She also announced progress in cooperation between Russia’s MIR system and foreign counterparts: China’s UnionPay, Japan’s JCB, and Maestro internationally.

“It is premature to speak about any concrete timelines for creating a comprehensive national toolkit for conducting payment operations and promoting it on international markets,” added Zakharova.

Earlier, in March, the Kremlin’s spokesman Dmitry Peskov did not rule out that Russia could be cut off from SWIFT.

Deputy Foreign Minister Alexander Pankin said there could be an alternative to this system in the country, «the rapid development of digital currencies and blockchain».

The Central Bank of Russia suggested that it could be rivaled by «central bank digital currencies».

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