On April 18, the Governor of the Central Bank (Central Bank) Russia Elvira Nabiullina promoted the Russian alternative for SWIFT, International Financial and Interbank Telecommunication Association. A day later, the regulator said it would not publicly disclose the participants of this system.
US and European sanctions over Russia’s actions in Ukraine have cut several major Russian banks from the SWIFT messaging system. But Governor Nabiullina told Congress that 52 organizations from 12 countries are participating in the Russian alternative system. Until recently, the list was posted on the central bank’s website.
Media reported that in the current situation, the Bank of Russia decided not to disclose on the website the list of companies connected to the system. Entities participating in the system can still see this list.
Russia set up the SPFS payment system after it was sanctioned by the West in 2014 for its annexation of Crimea. According to Interfax, Nabiullina told lawmakers that the central bank would continue to promote new members.
“Unless there is a threat of being cut off from SWIFT, foreign partners will not be in a hurry to join, but for now we expect they will be more willing,” she said.
The SPFS participant list is just one of many items that have disappeared from the central bank’s website in the past few weeks, since the outbreak of hostilities in Ukraine on February 24.
On April 19, the central bank said it would no longer publish quarterly data on foreign debt repayment schedules. Previously, the bank’s website stopped providing details about its reserves.
According to Bloomberg
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