Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

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


July, 04 2024
watermark Economic news

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.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.