SWIFT ban: Russia creates own financial messaging system; 23 foreign participants from Germany, Switzerland, others connected

SWIFT ban: Russia creates own financial messaging system; 23 foreign participants from Germany, Switzerland, others connected

On the eve it became known that in the coming days Russia will be disconnected from the SWIFT system, Russia has already created its own financial messaging system. According to the latest data, 23 foreign participants from Armenia, Belarus , Kazakhstan , Kyrgyzstan , Germany and Switzerland are already connected to it.
Western countries decided to limit the Russian Central Bank’s ability to support the ruble exchange rate with international financial transactions.
The head of the European Commission Ursula von der Leyen said Russian transactions will be frozen.
In response to such a risk, Russia has already created its own financial messaging system.
According to the Russia’s Central Bank, by February 18, Russia’s international reserves reached a new all-time high, having increased to $643.2 billion.
At the same time, by the middle of last year, dollar-denominated assets decreased to 16.4 percent, while the share in euro, yuan, pound sterling and other currencies increased.
Western countries announced a new round of the sanctions spiral, which has been unwinding since 2014, after President Vladimir Putin signed decrees on February 21 recognizing the sovereignty of the LPR and DPR , and on February 24 announced the start of a special operation in the Donbass.
Several major Russian banks fell under the new restrictions, including Sberbank and VTB.
Moscow said it had prepared a plan of action in advance in case of a new wave of sanctions and would provide any necessary support to businesses that fell under the restrictions, ensuring the smooth operation of the economy.

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