{"id":1654979,"date":"2022-09-23T11:06:27","date_gmt":"2022-09-23T15:06:27","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1654979"},"modified":"2022-09-23T11:07:18","modified_gmt":"2022-09-23T15:07:18","slug":"russias-swift-alternative-expanding-quickly-this-year-says-central-bank","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/russias-swift-alternative-expanding-quickly-this-year-says-central-bank\/","title":{"rendered":"Russia\u2019s SWIFT alternative expanding quickly this year, says central bank"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Frussias-swift-alternative-expanding-quickly-this-year-says-central-bank%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1654979&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p> (This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine)<\/p>\n<p>By Alexander Marrow<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>KAZAN, Russia (Reuters) \u2013     The reach of Russia\u2019s alternative to the SWIFT international messaging system has grown at record pace this year, the central bank said on Friday, as Moscow ramps up efforts to resolve financial shortcomings wrought by sanctions.   <\/p>\n<p>Sweeping Western sanctions on many of Russia\u2019s top banks in the wake of Russia sending tens of thousands of troops into Ukraine have sorely limited lenders\u2019 access to the global financial system. SWIFT underpins financial transactions globally.<\/p>\n<p>Alla Bakina, director of the central bank\u2019s national payment system department, said 50 new entities had joined Russia\u2019s alternative system this year, taking the total number to 440, of which more than 100 are non-residents. <\/p>\n<p>\u201cThe System for Transfer of Financial Messages has shown expansion this year because more foreign participants have joined,\u201d Bakina told a banking forum in Kazan. <\/p>\n<p>\u201cMore participants joined the SPFS in the first half of the year than in all previous years of the system\u2019s existence,\u201d she said.<\/p>\n<p>The central bank does not disclose the list of countries whose institutions have joined the SPFS, Bakina said.<\/p>\n<p>Some banks in Russia, including units of some foreign financial institutions blocked from exiting by recent Kremlin laws, still have access to SWIFT and can process payments heading overseas.<\/p>\n<p>More than 11,000 financial institutions in more than 200 countries and territories use SWIFT.<\/p>\n<p>Sanctions have increased the use of the SPFS and the issuance of Mir bank cards, Russia\u2019s alternative to Visa and Mastercard, companies that suspended operations in Russia and their cards that were issued in Russia stopped working abroad.<\/p>\n<p>Bakina said a third of all bank cards in Russia are now Mir cards.    <\/p>\n<p>But Mir \u2013 which means \u2018world\u2019 or \u2018peace\u2019 in Russian \u2013 is facing headwinds abroad. Banks in so-called \u201cfriendly\u201d countries \u2013 Turkey, Kazakhstan, Vietnam and Uzbekistan \u2013 have halted Mir transactions after the latest round of U.S. sanctions.<\/p>\n<p>Washington included National Card Payments System (NSPK) head Vladimir Komlev on its sanctions list, prompting some foreign banks to withdraw support. <\/p>\n<p>Cuba, South Korea and a handful of former Soviet republics have allowed Mir cards\u2019 use, but Komlev on Thursday said the NSPK had stopped disclosing the list of countries where the cards are accepted.<\/p>\n<p> (Reporting by Alexander Marrow; Editing by Jan Harvey)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/russias-swift-alternative-expanding\/attachment\/a-view-shows-russias-central-bank-headquarters-in-moscow-2\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8M0NA-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8M0NA-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine) By Alexander Marrow KAZAN, Russia (Reuters) \u2013 The reach of Russia\u2019s<\/p>\n","protected":false},"author":66,"featured_media":1889166,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1654979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_finder_url":"https:\/\/www.oann.com\/business\/russias-swift-alternative-expanding\/?utm_source=rss&utm_medium=rss&utm_campaign=russias-swift-alternative-expanding","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1654979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1654979"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1654979\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1889166"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1654979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1654979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1654979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}