in Crimea they are working on introducing an alternative to SWIFT – Kommersant

The Crimean authorities are considering the introduction of an alternative clearing system to SWIFT, in which foreign partners will not be subject to secondary sanctions for working with Crimean counterparties. This was announced by the permanent representative of Crimea to the Russian President Georgy Muradov.

According to him, this implies a system of mutual non-currency offsets for the exchange of goods, in which two banks on the side of the seller and buyers regulate the balance of funds in mutually open accounts. According to Mr. Muradov, such a system will be of interest to Russia’s partners in Africa and Latin America.

“For Crimean commodity producers, when entering the markets of countries friendly to Russia, the problem of payments remains unresolved… Foreign partners are afraid of falling under secondary sanctions and shy away from working in the Crimean direction,” the permanent representative explained in an interview with RIA Novosti.

Chairman of the Central Bank (CB) of the Russian Federation Elvira Nabiullina spokethat disconnection from SWIFT has become one of the most painful restrictions for Russia. As an alternative to SWIFT, the country created the Financial Message Transmission System (SPFS). In January 2024, the Central Bank reportedthat 557 banks and companies from 20 countries have joined the SPFS.

Read more about SPFS in the Kommersant article “Finances are reported”.

Laura Keffer