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SWIFT to continue working in Russia as usual — Central Bank

The official noted that even if Russia is disconnected from SWIFT, interbank transfers can be transferred to the Russian counterpart, the Financial Message Transfer System

Russian Central Bank E. O./Shutterstock/FOTODOM

Russian Central Bank

© E. O./Shutterstock/FOTODOM

MOSCOW, May 18. /TASS/. The SWIFT international payment system has confirmed to the Central Bank that it will work in Russia as usual and there is no risk that the country will be disconnected from the system, First Deputy Chairman of the Central Bank Olga Skorobogatova, speaking in the State Duma, the lower house of the parliament.

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Russia sees risk of disconnection from SWIFT as hypothetical for now - Foreign Ministry

"We are in constant and direct contact with SWIFT, both with the headquarters and the Moscow office. They confirmed it to us that SWIFT will work as usual, without any problems, and we do not see any risks at the moment," she said.

Skorobogatova noted that even if Russia is disconnected from SWIFT, interbank transfers can be transferred to the Russian counterpart - the Financial Message Transfer System (FMS).

In late April, the European Parliament approved the resolution on Russia with calls for sanctions against the Nord Stream 2 gas pipeline project, Rosatom nuclear corporation, ‘Russian oligarchs’ and disconnection from SWIFT in the event of "invasion of Ukraine". 569 members of the European Parliament voted for approval of the resolution, with 67 against the approval.

The system's international website states that SWIFT fully complies with all applicable sanctions laws. However, the responsibility for ensuring that individual financial transactions comply with sanctions laws rests with the financial institutions carrying out them. SWIFT, in turn, is only a financial messaging service provider.

The topic of a possible disconnection of Russia from SWIFT initially arose back in 2014 after the first anti-Russian sanctions.

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