Russian Banks Might Have To Use CBR’s Data Transfer System

24 April 2019 (09:21)

UrBC, Moscow, April 24, 2019. Russia’s Accounts Chamber suggested that it should become obligatory for the Russian banks to join in the Central Bank of Russia’s financial data transfer system, the Chamber’s annual report for the year 2018 states.

The change is meant to prevent any halted transactions inside the national finance market and to reduce the negative impact that limited (or nonexistent) access to the international banking system might have on the Russian banking sector and the national economy, the report states.

The financial data transfer system got set up in 2014 as the national counterpart of SWIFT that Russian banks might lose access to. In 2018, a draft bill got placed with the State Duma that proposed granting foreign legal entities access to the system and allowing direct communication between both Russian companies and foreign businesses.

According to the report, the Russian Accounts Chamber also suggests making it obligatory for the Russian banks to use the national express payment system (SBP).

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