- Russia Is Prepared To Disconnect From SWIFT Payment System: Foreign Ministry
Russia is preparing to depart from the international payment system SWIFT, Maria Zakharova, Russia’s Defense Ministry spokeswoman said, in an interview with RT.
According to her, disconnecting from SWIFT was “hypothetical” currently, but not at all impossible.
“The possibility of being disconnected from SWIFT is still considered as hypothetical. Nevertheless, inter-minsistry work is underway to minimize the risks and economic damage if our country’s access to the usual international financial instruments and payment mechanisms is limited. The Financial Messaging System of the Bank of Russia is an example of such alternative instruments. At the moment, options for its pairing with foreign counterparts – European SEPA, Iranian SEPAM, Chinese CUP and CIPS, are being discussed,” she said.
Zakharova pointed out that cooperation between the Russian payment system “MIR” and foreign counterparts, in particular, the Chinese UnionPay, the Japanese JCB and the international Maestro are developing.
These payments providers operate both in Russia and abroad. However, it is too early to talk about the specific timing for the completion of a comprehensive national toolkit for payment transactions and its promotion to international markets, as this is a lengthy and time-consuming process.