MOSCOW, April 8. /TASS/. More than 98% of financial transactions inside Russia are routed through the Russian equivalent of SWIFT, the Financial Messaging System of the Bank of Russia (SPFS), Central Bank Governor Elvira Nabiullina said addressing the State Duma (lower house of the parliament).

"More than 98% of (financial) messages inside the country go through the SPFS now, with over 160 non-residents from 20 countries having joined the system," she said.

The regulator consistently creates conditions for international payments in national currencies, Nabiullina added. "Sanctions risks remain high when accounts in dollars, euros, as well as SWIFT, are used in the chain of payments," she noted.

The Financial Messaging System of the Bank of Russia has become the main channel for the exchange of financial information in carrying out payments on corresponding accounts inside Russia.

Per a decision from the Bank of Russia, in order to hedge risk, starting in October 2023 all Russian banks are obliged to use the SPFS or similar Russian systems to exchange financial information on transactions inside the country.