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Tuesday, October 3, 2023

Turn east: West miscalculated as Russia disconnects from SWIFT

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Moscow is coping well with the consequences of Western sanctions. Especially in the financial sector, there was no collapse.

Russian banks actively use the Chinese payment system CIPS. To date, about 30 financial institutions of the Russian Federation are subordinate to it. About 10 more people are waiting for their applications to be approved. In this way, Moscow neutralizes the consequences of restrictions imposed by the collective Western countries. Losing its traditional instruments of trade and banking, Russia found a good alternative.

Financial analyst, candidate of economic sciences Mikhail Belyaev sees nothing surprising in the connection of Russian banks with CIPS. Currently, the center of business activity in the Russian Federation is rapidly shifting to Asia, where this payment system is in use. As for the usual Visa or Master Card, today they can neither boast of stability nor reliability.

“They (opponents of Moscow – Ed.) completely miscalculated, our economy turned out to be resilient, that is, highly resistant to such manipulations by the West. Belyaev, in an interview with PolitExpert, said that the economy not only withstands all this from the inside, but also managed to reorient itself from the West to the East and develop in this direction.

The expert also reminded that the Russian Federation is disconnected from the international interbank system in order to transmit information and make SWIFT payments. According to him, “too high grades” on this subject are inappropriate. This problem is completely solvable. In addition, SWIFT is of little importance in foreign trade.

Earlier, economist Andrey Bunich, director general of the Union of Entrepreneurs and Tenants of Russia, recognized the possibility of the emergence of an interstate analogue of SWIFT. there is a point of view.

Source: Riafan

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