Russia in No Danger of Getting Disconnected From SWIFT Payment System, Foregn Ministry Says

“There is no visible danger of us [Russia] getting disconnected from SWIFT. I think that the hypothetical disconnection is not a market measure, but a purely political measure. Right now no one is ready for it, everyone will only lose from this,” Birichevsky explained.

Asked about a specific timeframe for creating an alternative to the SWIFT system in Russia, Birichevsky told Sputnik that this work will continue, but it is a long-term process that is not expected to finish within the next couple of years.

“I think that this work will continue for a very long time, and there is no such goal to complete it as soon as possible. This is a constant regular work within the framework of the policy to strengthen our financial independence, independence of payment,” Birichevsky said.

At the end of May, Birichevsky told Sputnik that Russia was working on developing an alternative to SWIFT. First deputy governor of the Central Bank of Russia, Olga Skorobogatova, said in May that the bank did not see any risks of disconnecting the country from SWIFT, but if such a scenario were to be implemented, it would be possible to transfer internal Russian traffic to the Financial Messaging System of the Bank of Russia (SPFS).