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Putin to Invite China and India to Join Anti-Sanctions Bank Network 

Nuevos Vecinos, Madrid, España
Putin to Invite China and India to Join Anti-Sanctions Bank Network 

China and India could be hooked-up to Russia’s anti-sanctions international payments system, according to reports in the Indian press.

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President Vladimir Putin is seeking to internationalize Russia’s System for the Transfer of Financial Messages (SFPS) — an alternative to the widely-used Swift system which facilitates interbank payments. SFPS was launched in 2017 as an attempt to sanctions-proof the Russian financial sector should the U.S. cut Russian banks’ access to Swift.

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Now, Putin could discuss connecting Chinese and Indian banks to the alternative network with Chinese Premier Xi Jinping and Indian Prime Minister Narendra Modi at the BRICS summit taking place in Brazil this week, Indian outlet The Economic Times reported

Kremlin Hails Special Relationship With China Amid Missile System Cooperation Read more China already has its own Swift alternative — the Cross-Border Interbank Payment System (CIPS) — which is used for international yuan transfers. The Indian financial sector does not have a domestic version, but a new RussiaIndia alternative could be created, the news site said

Traffic on Russia’s SFPS has grown to 15% of the level of communications on Swift in the last two years, according to the central bank. Access to SFPS was recently rolled-out to banks in the Eurasian Economic Union, with at least eight banks located outside Russia currently using the system

Russia and Turkey also held urgent talks on connecting Turkish banks to SFPS over the summer, following the deterioration in U.S.-Turkey relations after NATO member Turkey took delivery of Russia’s S-400 missile defense system. The Russian Finance Ministry confirmed the talks had taken place after government documents were found in a Moscow landfill