Home Finance Russia does not expect to be cut off from SWIFT system, VTB CEO says

Russia does not expect to be cut off from SWIFT system, VTB CEO says

by Enochadmin

The brand of VTB financial institution is seen on the St. Petersburg Worldwide Financial Discussion board (SPIEF) in Saint Petersburg, Russia, June 3, 2021. REUTERS/Evgenia Novozhenina

Register now for FREE limitless entry to Reuters.com

MOSCOW, Dec 19 (Reuters) – Russia’s monetary system would have the ability to cope even when it was disconnected from the SWIFT international interbank funds system, the top of the nation’s second-largest lender VTB Financial institution mentioned on Sunday, however added he didn’t suppose such a transfer was seemingly.

Washington and different Western capitals have warned Moscow of robust financial repercussions if Russia invades Ukraine and slicing Russia off from SWIFT, essential for international cash flows, is one concept that has been floated. Russia has rejected solutions it’s planning to invade.

“After all we’ll survive, actually, however I do not suppose it would come to that,” VTB CEO Andrey Kostin informed state tv channel Rossiya 1.

“It will be a really severe measure, ‘unfriendly’ does not do it justice,” he mentioned.

Russia has arrange its personal banking messaging system, often called SPFS as an alternative choice to SWIFT in a transfer officers say ought to partially mitigate the blow ought to Russia be disconnected from SWIFT.

German Gref, chief govt of high Russian lender Sberbank , this month dismissed as nonsense studies that new U.S. sanctions might goal Moscow’s capacity to transform roubles into {dollars} and different currencies.

Reporting by Alexander Marrow and Elena Fabrichnaya; modifying by Jason Neely


Source link

Related Articles

Leave a Comment