Disconnecting the Russian banking system from the SWIFT network would not have major consequences for the Russian economy, which has already prepared for it by creating its own international transfer system, financial expert Artiom Touzov told Sputnik.
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The recent cyberattack against US government networks blamed on Russia by several White House officials could be used by Joe Biden’s future administration as a pretext to introduce new restrictive measures against Moscow, experts say, among others. , the country’s disconnection from the international interbank SWIFT information transfer and payment system.
For Artiom Touzov, executive director of the financial markets department of Univer Capital, if the United States decides to take this step, it will not remain without consequences for them.
“First, the United States has only a hypothetical influence over SWIFT, which is headquartered in Belgium. Second, Russia can impose fairly severe sanctions on American banks and politicians, which is disadvantageous for the country emerging from the crisis, ”he told Sputnik.
The expert recalled that there were already countries cut off from SWIFT, notably Iran, which succeeded in trading with other states. According to Touzov, Russia has more good technologies and experts in the field of banking information exchange.
“In 2014, Russia developed an alternative to SWIFT, the Financial Message Transfer System (SPFS). All major Russian banks and companies, as well as foreign banks belonging to the Eurasian Economic Union (UEE), are connected to it, ”he added.
In addition, continued Mr Touzov, the Bank of Russia has announced the introduction of a digital ruble next year. In this case, the parties will be able to make payments without an international transfer system and Russia will no longer need SWIFT.
The expert did not rule out that if Russia were cut off from SWIFT suddenly, for example tomorrow, it could create panic in the financial markets. But after a short period of turbulence, the dollar-ruble exchange rate would normalize as the price of the Russian currency is supported by gold reserves.
Towards new anti-Russian sanctions?
Relying on its own sources, Reuters wrote on December 20 that the administration of President-elect Joe Biden was considering several options against Russia for its alleged involvement in the cyberattack on U.S. agencies, including Treasury and Commerce.
One of the hardest measures could be Russia’s disconnection from the SWIFT system, according to one of the experts interviewed by the outlet.
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