Russian and Turkish banking authorities have begun to discuss the possibility of an alternative to SWIFT in making payment payments - the financial messaging system (SPFS) of the Bank of Russia, but there are no specifics yet, he said "RIA News" unnamed source in the Turkish banking sector.
The agency's interlocutor notes that so far no progress has been achieved in connecting Turkish banks and companies to the SPFS, but negotiations and consultations are still ongoing.
“Yes, alternatives to SWIFT were discussed in connection with the current situation. But nothing concrete yet,” explained RIA Novosti’s source. According to him, the Russian and Turkish sides are currently conducting an analysis “to avoid further excesses.”
In January 2024, the Russian Central Bank reportedthat 557 banks and companies from 20 countries have already connected to the domestic analogue of the international SWIFT system.
After the outbreak of hostilities in Ukraine in 2022, the European Union disconnected most Russian banks from the SWIFT system. The head of the Central Bank of the Russian Federation, Elvira Nabiullina, said that disconnection from SWIFT is one of the most painful sanctions.
More details about SPFS - in the text "Kommersant" "Finances are reported".