Russia says it will no longer disclose the names of organizations that use its alternative to the SWIFT payment system

Russia’s central bank governor Elvira Nabiulina said most Russian banks and 52 foreign organizations from 12 countries have access to Swift’s alternative. Shamil Zhumatov / Reuters

• Some Russian banks have been banned from the SWIFT banking system due to the war in Ukraine.

• Russia is now pushing for the use of its alternative Financial Communications Transfer System.

• Russia’s central bank has said it will stop revealing the names of participants in its alternative to SWIFT.

Russia’s central bank will stop revealing the names of participants in its alternative to the SWIFT payment system, according to Reuters.

Some Russian banks have been banned by the SWIFT banking system as part of broad sanctions against the country over the war in Ukraine. The ban hinders cross-border transactions in Russia’s trade and financial systems, isolating the country economically.

But Russia is advertising its alternative payment system, the Financial Communications Transfer System (SPFS), which was set up in 2014.

“Under the current conditions, we have decided not to disclose the list of organizations related to SPFS. However, this list is available to users of the system, “the Russian central bank told Reuters in an email. The institution published a list of SPFS users on the website, but recently stopped the practice, according to Bloomberg.

Most Russian banks, as well as 52 foreign organizations from 12 countries, have access to the SPFS, Russia’s central bank governor Elvira Nabiulina said on Monday.

Banks from Germany, Switzerland, France, Japan, Sweden, Turkey and Cuba are among those linked to the SPFS, according to a March report by Coface, a French credit insurer.

“While there was such a threat to be detached from SWIFT, foreign partners were in no hurry to join, but now we expect their readiness to be greater,” Nabiulina told SPFS, according to Bloomberg.

The Indian government is considering a proposal by Russia to use the SPFS for payments in rubles, Bloomberg reported in March. India is buying loads of cheap Russian oil amid international sanctions and boycotts of power plant products. Russian oil accounts for only 2% of India’s total imports in 2021.

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