When will the Russian Billionaires have enough of Putin

399 Users... LOL

Central Bank of Russia Launches SWIFT Replacement With 399 Users
https://finance.yahoo.com/news/central-bank-russia-launches-swift-154004953.html
  • The Russian parallel of SWIFT will be the Financial Message Transfer System of the Bank of Russia (SPFS).
  • This network will be open to mostly Belarusian banks.
  • The SPFS network already has over 399 users, and Russia is in negotiations with China to join the SPFS.
Russia decided to counter SWIFT with its SPFS following its SWIFT ban due to its invasion of Ukraine.

The Financial Message Transfer System of the Bank of Russia (SPFS), which already has over 399 users, will now become the international payment settlement network.

Russia Fights the World
With every major power in the world condemning Vladimir Putin and his recent actions against Ukraine, the strain is falling on the economy of Russia. The myriad of sanctions placed on them is already looking brutal.

To add to that, the worldwide payment settlement service provider SWIFT also excluded Russian banks recently.

Thus to ensure that the Russian financial infrastructure does not collapse, the country launched the SPFS. While initially developed as an internal financial structure, the SPFS will also be extended for international payments.

The head of the Bank of Russia, Elvira Nabiullina, announced that SPFS is open to participants from abroad. She also stated that the cards of international payment systems would continue to work as usual.

The SPFS
Although the SPFS has existed for over six years now, it was restricted to domestic bank users. However, in April, over 20 Belarusian banks, the Armenian Arshidbank, and the Kyrgyz Bank of Asia joined it.

Currently, the network has 399 users. The SPFS also boasts of conducting over 2 million messages monthly in 2020, which would place it 20.6% ahead of SWIFT.

The only problem is that not many countries’ banks would want to join SPFS for multiple reasons. Firstly, the possibility of getting kicked off SWIFT would handicap their reach.

Secondly, SPFS doesn’t have a lot of mainstream international banks. Even its supporter China is yet to join SPFS. Thus this limitation would also limit their capabilities.

Besides, if the SPFS system fails, the Russian economy would collapse. As it is, the USD/RUB pair skyrocketed to 104.60 Rubles after yesterday.

And with more sanctions, bans to foreign reserves access, blocking crypto access to Russians, the situation will only worsen.

Many major crypto exchanges such as Binance, Coinbase, Kraken, and KuCoin previously outright rejected the appeal of banning accounts.

The White House and The United States Treasury Department are now officially asking these exchanges to block crypto access.

The ongoing peace negotiations between Russia and Ukraine are yet to conclude. And if that fails to happen, the Russian people will be the ones to suffer.

This article was originally posted on FX Empire

I'm not sure what is laughable about the amount of users. It would depend on the list of users, not the amount of them.

The amount of claimed messages is substantial.
 
I'm not sure what is laughable about the amount of users. It would depend on the list of users, not the amount of them.

The amount of claimed messages is substantial.

SWIFT has over "11,000 SWIFT customers in more than 200 countries use our network to exchange millions of standardised financial messages securely and reliably every day."

And over 6.5+ Billion messages. These Russian clowns are bragging about "2 million messages monthly".

https://www.swift.com/join-swift/swift-usership
 
https://www.chelseafc.com/en/news/2022/03/02/statement-from-roman-abramovich
Chelsea FC
The sale of the Club will not be fast-tracked but will follow due process. I will not be asking for any loans to be repaid. This has never been about business nor money for me, but about pure passion for the game and Club. Moreover, I have instructed my team to set up a charitable foundation where all net proceeds from the sale will be donated. The foundation will be for the benefit of all victims of the war in Ukraine. This includes providing critical funds towards the urgent and immediate needs of victims, as well as supporting the long-term work of recovery.

Looks like they are making this about politics to go after Abramovich. He was not sanctioned by the US or Europe. He sold some of his real estate probably, to protect himself. The fact that he was selling the team and giving the proceeds to benefit Ukraine citizens, people should be congratulating him and giving him a pat on the back. He did not have to give anyone any monies. That is lost in the mob of idiots.
 
They just went active. How long has SWIFT been used?

As noted in the article:
  • "Although the SPFS has existed for over six years now, it was restricted to domestic bank users".
  • "Over 20 Belarusian banks, the Armenian Arshidbank, and the Kyrgyz Bank of Asia joined it."
Then there is the problem with joining it:
  • "The only problem is that not many countries’ banks would want to join SPFS for multiple reasons. Firstly, the possibility of getting kicked off SWIFT would handicap their reach."
  • "Secondly, SPFS doesn’t have a lot of mainstream international banks. Even its supporter China is yet to join SPFS. Thus this limitation would also limit their capabilities."
At this point joining SPFS would cause a country to immediately be dumped by SWIFT due to the sanctions. China is not going to risk joining SPFS -- it would cause an immediate problem with everyone they export products to.
 
As noted in the article:
  • "Although the SPFS has existed for over six years now, it was restricted to domestic bank users".
  • "Over 20 Belarusian banks, the Armenian Arshidbank, and the Kyrgyz Bank of Asia joined it."
Then there is the problem with joining it:
  • "The only problem is that not many countries’ banks would want to join SPFS for multiple reasons. Firstly, the possibility of getting kicked off SWIFT would handicap their reach."
  • "Secondly, SPFS doesn’t have a lot of mainstream international banks. Even its supporter China is yet to join SPFS. Thus this limitation would also limit their capabilities."
At this point joining SPFS would cause a country to immediately be dumped by SWIFT due to the sanctions. China is not going to risk joining SPFS -- it would cause an immediate problem with everyone they export products to.

Active, GWB. Try to read what I wrote. Its existed for 6 years, but only went active internationally recently.
 
Active, GWB. Try to read what I wrote. Its existed for 6 years, but only went active internationally recently.

Active with Belarusian banks for about a year.

Do you really think that any nation currently on SWIFT will join SPFS knowing it will immediately get them kicked off SWIFT due to sanctions?
 
Active with Belarusian banks for about a year.

Do you really think that any nation currently on SWIFT will join SPFS knowing it will immediately get them kicked off SWIFT due to sanctions?

Not many. But that isn't the point I was making. I was responding to your ridiculous "LOL 399" comment. Its not ridiculous when it just began.
 
Welcome to impending martial law in Russia...

Russian citizens reportedly flee country over fears of Putin's martial law announcement
https://www.foxnews.com/world/russi...over-fears-of-putins-martial-law-announcement

Russian citizens have reportedly started to flee the country ahead of President Vladimir Putin’s rumored announcement of martial law.

Earlier this week, Russia’s official censorship body issued guidance telling news networks to use only "trusted" sources under penalty of closure, which led to the shutdown of two independent news networks, including Dozhd TV – known in English as Rain TV.

Tikhon Dzyadko, the overnight chief editor of Dozhd, wrote on Telegram on Mar. 2 that he was fleeing the country over fear for his life, saying that it is "obvious that the personal safety of some of us is now under threat."

And Russian citizens have broadly started to panic as the Duma, Russia’s governing body, meets Thursday to lay out new legislation that may allow it to conscript anyone arrested for protesting the invasion – a number that stood at over 8000 as of Thursday evening, according to independent watchdog OVD-info.

Kevin Rothrock of Bellingcat tweeted out the legislation has already been introduced to the Duma.

The crackdown on press has spooked even foreign reporters: Alec Luhn, who has reported on the ground in Russia for VICE wrote on social media that he was heading for the border along with so many people that plane tickets are "mostly sold out" and flights are "packed."

"Other passengers said they were afraid to be trapped in Russia, arrested or conscripted to fight a war they don’t support," Luhn wrote. "Don’t know if they’ll be able to return."

Julia Ioff of Puck News said a friend from Moscow was driving "all night" for the border since no plane tickets remained.

"We’re trying to get there before the president’s address to the nation," the friend said. Ioffe claimed the friend asked her to stop texting so they could scrub their phone for a search at the border.
 
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