SWIFT does not plan to disconnect Russia from the system

SWIFT is not going to disconnect Russia from the system, since it will not be beneficial to everyone, said Roman Chernov, executive director of the Russian National Association of SWIFT (Rosswift). Earlier, the European Parliament proposed to disconnect Russia from the payment information exchange system.

“They are not going to disconnect us from SWIFT. Why? It’s very simple – it’s not beneficial to anyone, “said Mr. Chernov during his speech in the State Duma (quoted by TASS).

SWIFT is a global interbank payment information exchange system. SWIFT is headquartered in Belgium. Rosswift has been representing the interests of Russian Internet users since 1995. As of April 29, almost 300 banks (more than half of the total number of credit institutions registered in Russia) use the SWIFT system in Russia. In terms of the number of users, the Russian Federation is second only to the United States. The share of SWIFT in domestic Russian settlements five years ago exceeded 80%, but by now it has dropped to 20%.

In April, the European Parliament proposed to disconnect Russia from SWIFT, but the head of EU diplomacy, Josep Borrell, said that Brussels does not have such competencies. The likelihood of a shutdown was not ruled out in the Kremlin either. The Russian Foreign Ministry announced the creation of an analogue of SWIFT. A general meeting of SWIFT will be held in June, following which a new composition of the board of directors will be selected. The representative of Russia has a high chance of retaining his seat.

Read about the chances of Russia to remain on the council in the publication of Kommersant, “Russia is entrenched in SWIFT.”

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