In a statement released on Saturday night (26), the United States and the European Union announced that selected Russian banks have been excluded from the global payments system, Swift.
But the president of the Central Bank of Russia, Elvira Nabiullina, said this Monday (28) that the country has a system that can replace this payment system internally.
Nabiullina emphasized the need to support bank customers, and said that all banks in Russia will fulfill their obligations and all funds in their accounts are guaranteed.
The move to withdraw the country from Swift is part of a series of sanctions launched by countries aimed at harming Russia after the invasion of Ukraine. These have limited Russia’s ability to do business in foreign currency, cut off the ability to finance the Russian military, as well as place restrictions on the country’s top banks, companies and elites.
Bank says it did not carry out foreign exchange interventions due to sanctions
The bank, which raised its benchmark interest rate to 20% in an emergency measure, did not intervene in foreign currency on Monday due to the latest Western sanctions, Nabiullina said.
The president did not say who was selling dollars and euros on the market, which helped the ruble bounce back from record lows.
He also said that the central bank is ready to support the banking sector, which has turned into a structural liquidity deficit due to high demand for cash.
Source: CNN Brasil
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