JRL NEWSWATCH: “Russia backs global use of its alternative SWIFT system” – Reuters

File Image of Artist's Conception of Globe with Curved Connecting Lines of Light Passing Through Space, adapted from image at fincen.gov

“Russian lawmakers on Tuesday backed the international use of a Russian alternative system for the global financial messaging network SWIFT designed by Moscow to eliminate the risk of Western sanctions. Russia has held talks with China, India, Iran and Turkey about joint use of Russia’s financial messaging system …. Russia started developing an alternative to the Belgium-based SWIFT financial messaging service in 2014 after a shock caused by the first round of Western sanctions against Moscow … for the annexation of Crimea and … the Ukrainian crisis. … Moscow has also seen interest in joining the Russia-based system from Arab countries [it was claimed] …”

Click here for: “Russia backs global use of its alternative SWIFT system” – Reuters