France and Germany are reportedly pressing for deeper sanctions on foreign banks that maintain trade with Moscow
The European Union could sanction foreign banks that use Russia’s domestic alternative to the SWIFT interbank messaging system, as the bloc weighs another batch of measures targeting countries it claims are helping Moscow bypass restrictions, Euractiv has reported.
Russia has been promoting its own payment system as a reliable alternative to SWIFT since many of the country’s financial institutions were cut off from the Western network in 2022. The System for Transfer of Financial Messages (SPFS) ensures the secure transfer of…
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