Russia's central bank keeps key rate at 9%Business & Economy July 28, 13:47
Press review: Exiled Saakashvili to fight Poroshenko and Pentagon's chance to improve tiesPress Review July 28, 13:00
Putin approves Foreign Ministry’s statement in response to US sanctionsRussian Politics & Diplomacy July 28, 12:54
Moscow cuts back number of personnel in US diplomatic and consular missionsRussian Politics & Diplomacy July 28, 12:21
New Gromky corvette floated at Far East shipyardMilitary & Defense July 28, 12:02
EU set to approve expansion of anti-Russia sanctions due to Siemens by August — sourceWorld July 28, 11:20
FSB detains Central Asians on suspicion of plotting terrorist attacks in St PetersburgWorld July 28, 11:16
At least 48 people injured in Barcelona train accidentWorld July 28, 10:17
Expert warns new sanctions against Russia may drive wedge between US and EUWorld July 28, 8:25
WASHINGTON, October 13. /TASS/. Russia’s Vneshtorgbank Group (VTB) is negotiating with Sberbank an alternative to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), VTB head Andrey Kostin told reporters on Monday.
“Of course, we are working with the Central Bank as well. There is an alternative — we may be using the existing Central Bank’s system, or we could create a new one — we have been negotiating with Sberbank on that,” he said.
Using the system of the Central Bank is expensive, he said. “(It is) several times more expensive than SWIFT operations,” he said. “If we make our own system, which is not complicated at all, and we are moving in that direction, it will be cheaper. And afterwards we could negotiate with the Central Bank.”
Russia is not facing problems with national settlements. “I believe, we could agree with SWIFT regarding a certain national center on such issues, I do not see problems here,” he said. A possible cut off of Russia from the SWIFT system will cause problems in international operations. This problem does not have a solution yet, he said.
“Surely, there are other ways of settlements, but they are outdated, effort-consuming; thus, there is no simple alternative, but we have been considering several options, which do exist.”
In early October, SWIFT said in a statement it had no intention to unilaterally disconnect Russia.
The SWIFT Company described the EU resolution as a discriminatory document and an example of unequal regulation. SWIFT added that EU’s possible actions might cause great damage to the company’s reputation.
The Society for Worldwide Interbank Financial Telecommunications (SWIFT) transmits 1.8 billion communications per year, remitting payment orders worth $6 trillion a day. The system comprises over 10,000 financial organizations from 210 countries.
Under the SWIFT charter, groups of members and users are set up in each country covered by the system. In Russia, these groups are united in the RosSWIFT association. According to RosSWIFT, Russia is second after the U.S. in users of the system.