EU Commission to remove Russian banks from SWIFT cross-border network
While condemning the Russian president Vladimir Putin’s move to lay siege across Ukraine, the EU Commission committed to undertake a series of measures to isolate Russia from the international financial system. The European Commission announced to remove a number of Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) messaging system, aimed at hindering Russia’s capacity to carry out cross-border payments. In a joint statement released by the European Commission, leaders from France, Germany, Italy, the United Kingdom, Canada, and the United States....
Related News
The expansion of sanctions follows the commission announcing in February that it would be removing several Russian banks from the SWIFT cross-border payment network. The European Commission has clarified that crypto assets will fall under additional sanctions targeted against Russia and Belarus in response to the military conflict in Ukraine.In a Wednesday statement, the European Commission said member states had agreed to amend regulations with the goal of ensuring “even more effectively that Russian sanctions cannot be circumvented, including through Belarus.” The commission said crypto....
A Russian university is ready to test its blockchain-based analogue to the global payment messaging network SWIFT, from which Russian banks were cut off as part of Western sanctions. The developers say their system would not allow the disconnecting of countries and banks. Russian Developers Create SWIFT Substitute Using Blockchain Experts from the Competence Center of the National Technology Initiative at the St Petersburg State University in Russia announced they are preparing to trial a new interbank payment system, an alternative to SWIFT. The latter is now inaccessible for major....
SWIFT, the operator of the platform used by the global interbanking system, has revealed details of its blockchain proof-of-concept (PoC) trial that sees participation from a number of global banks for real-time cross-border payments. Swift has chosen the Hyperledger Fabric, a product developed by the Linux Foundation-led open-source cross-industry collaborative Hyperledger Project, as the core technology for its PoC. It should not come as much of a surprise, with Swift among the founding members of the project. The goal is to see if blockchain technology can help ‘improve the....
After months of testing, Swift, the interbank payments platform that connects 11,000 global banks, has formally launched the system it believes will be the future of its cross-border payments services. And notably absent was any integration with blockchain or distributed ledger technology. As part of the formal rollout, Swift (or the Society for Worldwide Interbank Financial Telecommunication) revealed that 13 of the world's largest banks have been conducting real-time transactions via its Global Payments Innovation (GPI) project for some months. Although Swift plans to continue its....
The well-known global financial messaging service, SWIFT, is set to test the Central Bank of Digital Currency (CBDC) by interlinking several CBDC networks in order to execute cross-border payments. Besides currently linking financial institutions worldwide to communicate and execute financial payments, the Belgium-based network has approached consulting firm Capgemini and French information technology services to […]