India and Russia have found a replacement for SWIFT: the new platform will be launched within a week

As it became known, India and Russia have completed work on an alternative transaction platform, which is considered as a replacement for SWIFT

The source writes that the State Development Corporation VEB. RF and the Reserve Bank of India (Central Bank) have created an alternative platform to facilitate bilateral trade after Western sanctions blocked Moscow’s access to the world’s SWIFT banking platform.

India and Russia have found a replacement for SWIFT: the new platform will be launched within a week

The new payment system will be installed at the headquarters of both the Reserve Bank of India and VEB. It is expected that the new system will be up and running within a week and will be able to ensure the smooth transfer of import or export documents for transactions in rupees and rubles.

In early April, representatives of the Central Bank of the Russian Federation will meet with their counterparts from the Central Bank of India to create a regulatory framework that will help support bilateral trade and banking operations, despite global sanctions against Moscow.

Earlier, the European Union decided to disconnect seven Russian banks from the SWIFT system. VTB, Rossiya and Otkritie banks, Novikombank, Promsvyazbank, Sovcombank, and the state corporation VEB.RF fell under the sanctions.

A week ago it became known that Russia and Iran are also working on bypassing SWIFT.

Source: ixbt

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