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Russia does not expect to be cut off from SWIFT system, VTB CEO says -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : VTB’s logo can be seen at St. Petersburg International Economic Forum in Saint Petersburg (Russia), June 3, 2021. REUTERS/Evgenia Novozhenina

MOSCOW, (Reuters) – Russia’s financial system will be able cope even if it is disconnected from SWIFT’s global interbank payment system. This was the statement of VTB Bank’s head, who said that although he does not believe this move to be likely, he stated that Russia’s second-largest bank VTB Bank.

Washington and the other capitals of Western Europe have warned Moscow that Russia could suffer severe economic consequences if it invades Ukraine. The idea of cutting Russia off SWIFT is crucial to global money flows and was floated by Washington. Russia denies any plans to invade.

Andrey Kstin VTB CEO stated to Rossiya 1 that “Ofcourse we will survive.

He said, “It’d be very serious and ‘unfriendly” doesn’t give it justice.”

Russia created its own bank messaging system called SPFS to replace SWIFT. Officials believe this will partially reduce the impact of Russia being disconnected from SWIFT.

German Gref was the head of Sberbank’s Russian bank and chief executive. This month, he dismissed reports from the United States that Moscow might be unable to convert its roubles into dollars or other currencies.

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