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I find it strange that nobody talks about the SWIFT alternative Russia and China have been working on since 2013, Russia’s System for Transfer of Financial Mess
by tzekid 5y ago
I find it strange that nobody talks about the SWIFT alternative Russia and China have been working on since 2013, Russia’s System for Transfer of Financial Messages (SPFS).
If I understand correctly, there're already 23 countries with banks that have adopted SPFS, including Switzerland and Germany... so a SWIFT ban will only have a short-term negative effect on their economy and finally would be a big nudge towards building stronger Russian-Chinese ties in the future. Don't know how smart that is long-term, to be honest.