Russian CB chief: SPFS to replace SWIFT if it is disconnected

The Russian financial infrastructure will operate uninterruptedly, and the Bank of Russia Financial Message Transmission System (SPFS) can replace the international SWIFT, Report informs, Elvira Nabiullina, the head of the Central Bank of Russia, as saying at a government meeting.

“We have also developed the internal financial infrastructure, so it will work smoothly. So, we have SPFS, which can replace SWIFT within the country, participants from abroad can connect to it,” she said during a presser.

She also noted that the bank cards of international payment systems continue to work within Russia.

Britain, Germany, Italy, Canada, the USA, France, and the European Commission agreed to introduce new "tough financial sanctions" against Russia, including the disconnection of some banks from SWIFT.