28 Feb 2022 02:18

VEB to use Bank of Russia financial messaging system, alternative channels due to SWIFT situation

MOSCOW. Feb 28 (Interfax) - As part of measures to support exports, VEB will use the financial messaging system of the Bank of Russia and other alternative systems with correspondent banks in the event of disconnection from SWIFT, the state corporation's press service said.

"VEB.RF is largely focused on supporting projects in Russia. This work will continue in full. As regards support of exports, the financial messaging system of the Bank of Russia and alternative channels will be used with correspondent banks," the press service said, without specifying what alternative systems are meant.

VEB said that it will continue supporting the implementation of projects aimed at promoting the development of Russia's economy, and external restrictions will not affect this work.

The United States, the European Union, France, Germany, Italy, the United Kingdom, and Canada announced in the early hours of Sunday that they reached an agreement on disconnecting certain Russian banks from the SWIFT system.

SWIFT (Society for Worldwide Interbank Financial Telecommunications) serves as an intermediary and executor of financial transactions between banks around the world. The banking messaging service links around 11,000 financial institutions in more than 200 countries.