Bloomberg: G7 discusses sanctions against banks that use SWIFT analog from Russia
Kyiv • UNN
The G7 and the EU are discussing sanctions against banks that use Russian analog SWIFT systems to circumvent restrictions, as their use tripled in 2023.
The G7 and the European Union are working on a new package of sanctions against Russia. Among other things, restrictions are being discussed against banks that use the Bank of Russia's financial message transmission system (SPFs) — the Russian equivalent of SWIFT, sources told Bloomberg, reports UNN.
Details
The issue is under discussion and Western countries can take their own measures.
Sanctions may be applied to banks that use the SPFS to circumvent restrictions, writes Bloomberg. According to the agency, the use of the system tripled in 2023, compared to 2022. it is used by more than 150 foreign banks in 20 countries, including China, Belarus, Armenia, Tajikistan and Kazakhstan.
Bloomberg previously reported that the European Union is discussing a ban on SPFs on its territory. According to the agency, some countries oppose a complete ban, fearing that it will affect "illegal transactions" and damage relations with third countries.
In addition, they are discussing the introduction of restrictions on banks from third countries that "help Russia circumvent sanctions", as well as tougher requirements for companies to check their subsidiaries and supply chains.
The financial message transmission system was launched in a test mode in 2014. In 2017, it was fully operational. In March 2024, the central bank reported that 556 participants from 20 countries were involved in the SPFS.
