The number of participants in the Russian equivalent of SWIFT continues to grow

Despite the EU sanctions, the majority of participants in the Bank of Russia's Financial Messaging System (SPFS) continue to work with it, and their number is only growing. 

First Deputy Chairman of the Central Bank Olga Skorobogatova at the Financial Congress of the Bank of Russia noted that in addition to the SPFS, there are alternative channels for work, such as remote banking systems and direct interaction, and all these options are supported.

Since June 25, the EU, as part of the 14th package of anti-Russian sanctions, has banned union banks operating outside Russia from using SPFS. This system, the Russian equivalent of SWIFT, ensures the transmission of financial messages both inside and outside Russia. European organizations are also prohibited from making transactions with organizations using SPFS outside Russia.

The SPFS was created in response to the first wave of anti-Russian sanctions in 2014. By the end of 2023, 556 organizations became users of the system, of which more than a quarter (159) were non-residents from 20 countries. Previously, the Central Bank published a detailed list of SPFS participants on its website, but since April 2022, after a new wave of sanctions, this information has been hidden.