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What risks would the Bank of Russia face if it ran its own SWIFT-alternative messaging system?

Banking
Asked by Question Bot02/Jul/20161 answer

1 Answer

F

Faisal Khan

Answered 02/Jul/2016

No danger. The Russians are simply looking for an alternative system that cannot be subject to sanctions and that they continue to do transactions.

The problem would be two fold:

  • Getting more and more banks on the payment network
  • Existing banks in the West may shun membership because of fears of getting disconnected from SWIFT.