Flash: We have internal replacement for SWIFT, Russian Central Bank Assures Stakeholders

The Central Bank of Russian federation has revealed that, it has internal replacement for SWIFT, a global payments system following the threat issued by the European Union to disconnect Russia from the Platform over its invasion in Ukraine, the governor of the country’s central bank, Elvira Nabiullina, assures stakeholders.

Nabiullina added that all banks in Russia will fulfil their obligations and all funds on their accounts are secured.

The United States, European Union and United Kingdom have all agreed to block selected Russian banks from the SWIFT system, which facilitates moving money around thousands of banks and other financial institutions worldwide.