The Central Bank decided to disable the SWIFT system for transfers within Russia, the measure will come into force on October 1, 2023. The regulator explained this step by the need to ensure the continuity and security of data exchange.

The Central Bank prohibited the use of the SWIFT system for transfers in Russia

Now the data will have to be transferred through your banking systems or third-party solutions, but Russian companies. Transfers can also be made through the Bank of Russia Financial Message Transmission System.

Early last year, the European Union disconnected some Russian banks from the SWIFT international payment system as a condemnation of the introduction of troops into Ukraine. In the fall, three European banks immediately stopped accepting SWIFT transfers from all Russian banks.

Author:

Natalia Gormaleva

Source: RB

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