Venezuela studies payment system developed in Russia

The Venezuelan government is analyzing the proposal to use a payment system developed by Russia as an alternative to the international system of interconnection of payments and other transactions called SWIFT

The measure is being studied in anticipation of a possible deepening of the financial sanctions imposed by the United States which could ban transfers and other operations originated or directed to Venezuela.

It is worth remembering that SWIFT is an international financial interconnection system administered by the Society for World Interbank and Financial Communications based in Belgium. This system permanently connects more than 12,000 financial institutions in more than 204 countries and includes all the major international banks.

The modality allows for the processing of transfers such as remittances, international credits, forex trading transactions and securities, among others, registered with an international code that certifies confidentiality and security.

According to Bloomberg, if Venezuela decides to move to the Russian system of interconnection of payments, it will allow the government to carry out non-traceable international transactions with small banks.

Russia created its own international payment system in 2014 when it was threatened with being excluded from SWIFT for its intervention in Ukraine. However, the measure never came into force not to affect large companies in the country.


Source: Banca & Negocios 

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