Russia and India have completed work on the analogue of SWIFT

India and Russia are ready to present an analogue of the SWIFT system, according to the Economic Times
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Sanctions against Russia in general and the Urals in particular

India and Russia have completed work on an analog transaction platform to replace the SWIFT system. This was reported by the Economic Times, citing sources.

“The Russian State VEB Development Bank and the Reserve Bank of India (Central Bank) have probably completed work on an alternative transaction platform. This was done to facilitate bilateral trade after Western sanctions blocked Moscow’s access to the world’s used SWIFT banking platform, “the authors write.

According to the newspaper’s interlocutor, an alternative payment system is likely to be installed at the headquarters of both the Reserve Bank of India and VEB. The publication also noted that there are no restrictions between Russia and India related to settlements in national currencies.

The European Union disconnected a number of Russian banks from the international payment system SWIFT on March 2 in disagreement with the Russian special operation in Ukraine. Later, MEPs said that the disconnection of Russian banks from SWIFT could negatively affect not only Russia but also the entire European market. According to them, European banks doing business in Russia could suffer serious losses, RT reports.

Russian President Vladimir Putin has noted that Western sanctions on Russia have been under sanctions since the early 2000s and have only intensified in recent months. According to the head, the previous sanctions also had a negative effect on unfriendly countries: settlement systems were disrupted, inflation was recorded, and logistical ties were broken.

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India and Russia have completed work on an analog transaction platform to replace the SWIFT system. This was reported by the Economic Times, citing sources. “The Russian State VEB Development Bank and the Reserve Bank of India (Central Bank) have probably completed work on an alternative transaction platform. This was done to facilitate bilateral trade after Western sanctions blocked Moscow’s access to the world’s used SWIFT banking platform, “the authors write. According to the newspaper’s interlocutor, an alternative payment system is likely to be installed at the headquarters of both the Reserve Bank of India and VEB. The publication also noted that there are no restrictions between Russia and India related to settlements in national currencies. The European Union disconnected a number of Russian banks from the international payment system SWIFT on March 2 in disagreement with the Russian special operation in Ukraine. Later, MEPs said that the disconnection of Russian banks from SWIFT could negatively affect not only Russia but also the entire European market. According to them, European banks doing business in Russia could suffer serious losses, RT reports. Russian President Vladimir Putin has noted that Western pressure on sanctions against Russia has continued since the early 2000s and has only intensified in recent months. According to the head, the previous sanctions also had a negative effect on unfriendly countries: the settlement systems were violated, inflation was recorded, and logistical ties were broken.

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