Russia to keep identity of payment system members secret

Must read

Sen. Hawley Introduces Bill To Allow States To Deport Illegal Immigrants

Already this fiscal year, the U.S. has seen record-breaking numbers of illegal immigrants crossing the border. So far,...

MSNBC’s Joy Reid Compares Floridians Evacuating Hurricane Ian to Illegal Immigrants: ‘Ironic That They Have to Pour Over the Borders and Go North’

MSNBC host Joy Reid belittled Floridians trying to escape Hurricane Ian, comparing them to illegal immigrants and suggesting...

What Happens When a Fact-Checker Doesn’t Get the Facts Right?

By Chandler Lasch for RealClearReligion Georgia Democratic gubernatorial candidate Stacey Abrams recently came under fire for...

Trump Has Seen Enough: Offers to Negotiate Peace Deal Between Russia, Ukraine

Former President Donald Trump advised leaders on how to deal with ongoing events in the Russia-Ukraine war, even...

The Central Bank of Russia (CBR) said on Tuesday it will stop disclosing the identity of participants in the System for Transfer of Financial Messages (SPFS), the country’s alternative to SWIFT. Until recently, the list was posted on the regulator’s website.

“Under the current circumstances, we decided not to disclose on the website the list of companies connected to the system,” the CBR’s press service said, adding that “the users of the system can still see the list.”

Some Russian banks were cut off from SWIFT recently, effectively denying them access to international markets. The ban was part of the latest Western sanctions targeting Russia over its military operation in Ukraine.

According to the central bank governor, Elvira Nabiullina, most Russian banks, as well as 52 foreign organizations from 12 countries, have access to SPFS.

“Until there was such a threat of being cut off from SWIFT, foreign partners weren’t in much of a rush to join, but now we expect their readiness to be greater,” she added.

Russia’s payment mechanism SPFS has similar functionality and allows the transmission of messages in SWIFT format. It was created as an analogue to SWIFT that has been developed by the Bank of Russia since 2014.

A March report from French credit insurer Coface said that banks from Germany, Switzerland, France, Japan, Sweden, and Turkey were among those connected to SPFS. According to Interfax, 331 organizations were connected to the Russian payment system as of the end of February, including banks from Belarus, Armenia, Kyrgyzstan, Kazakhstan, Tajikistan and Cuba.

For more stories on economy & finance visit RT’s business section

More articles

Latest article

Sen. Hawley Introduces Bill To Allow States To Deport Illegal Immigrants

Already this fiscal year, the U.S. has seen record-breaking numbers of illegal immigrants crossing the border. So far,...

MSNBC’s Joy Reid Compares Floridians Evacuating Hurricane Ian to Illegal Immigrants: ‘Ironic That They Have to Pour Over the Borders and Go North’

MSNBC host Joy Reid belittled Floridians trying to escape Hurricane Ian, comparing them to illegal immigrants and suggesting...

What Happens When a Fact-Checker Doesn’t Get the Facts Right?

By Chandler Lasch for RealClearReligion Georgia Democratic gubernatorial candidate Stacey Abrams recently came under fire for...

Trump Has Seen Enough: Offers to Negotiate Peace Deal Between Russia, Ukraine

Former President Donald Trump advised leaders on how to deal with ongoing events in the Russia-Ukraine war, even...