Russia’s central bank claims that its SWIFT-alternative is ready. The Bank of Russia’s Financial Message Transfer System (SPFS) is ready for international involvement, according to Russian state-controlled media Tass.
However, the development is unlikely to have a significant impact on Russia’s faltering economy. Apart from lacking the relevance and reach of SWIFT, the Russian government is now widely regarded as an aggressor, and businesses are fleeing the country.
Sberbank, Russia’s largest bank, has seen its stock plummet by 74%, the steepest decline it has ever seen. The ECB also observes that the bank is on the verge of failing or will fail soon. It is seeing massive deposit outflows, and the Deutsche Boerse has announced that trading of Sberbank and numerous other Russian equities would be suspended.
The actions adopted by Western nations to punish Russia for its invasion of Ukraine, as well as their consequences, are unprecedented. The worst of the effects, according to analysts, will not be visible for several weeks or months. Others doubt that Russia will consider cryptocurrency as a viable alternative.
