"Only Domestic Services": The Russian Federation named the date of complete abandonment of Swift

According to the Central Bank of the Russian Federation, it will ensure "reliability, uninterrupted and safety" exchange of financial information during monetary transactions. This means that since the decision of October 1, 2023, all banks of the country will be forced to use only Russian services and financial infrastructure.

The requirement of the Central Library does not apply to cross -border money transfers, as well as to transmit information within the payment system for the purpose of considering customer applications for transactions using electronic payment means, the document says. SWIFT is deciphered as Society for Worldwide Interbank Financial Telecommunication (Community of World Interbank Financial Communications). It is an international system of information and payments.

SWIFT uses about 11,000 banks and financial institutions in more than 200 countries. The SWIFT system allows banks to make correspondence faster and safer and process international payments. Swift can be called a messenger between the banks. With SWIFT, you can transfer money abroad from a personal account to an account of a natural or legal person. SWIFT is suitable for calculating purchases abroad, hotel armor, paying for training, rest or treatment.

By the way, ten Russian banks, including Sber, VTB, Open "and Rossilgodbank have now been disabled from SWIFT. Difficulties in using the system can also occur with banks under blocking sanctions in Western countries. For example, it is Tincoff Bank, Alfa-Bank, MTS Bank and Uralsib. We will remind, in September 2022 the Tech Director of the Center of Competence of NTIU Alexander Kireev announced the creation in the Russian Federation analogue SWIFT, he is already ready for testing in banks.

The system does not use classic blockchain. But since then, there have been no special concept in this matter. Meanwhile, on March 16, it became known that the European Commission is preparing a new legislative document that allows sanctions to be applied to members of families of famous entrepreneurs of Russia. On March 17, journalists also reported the change in the benefits of rest.