2/28, 2:34 PM (Source: TeleTrader)
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SWIFT counterpart will be able to replace it - Russia

Bank of Russia head Elvira Nabiullina (pictured) said on Monday that SPFS, the Russian equivalent of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, will be able to replace it.

Russian financial infrastructure will work "smoothly," she said at a press conference, adding that all banks will fulfill obligations to customers and that international payment systems cards continue to work in the country.

The central bank will take all steps to maintain financial and price stability, Nabiullina stressed, specifying also that it did not intervene in foreign exchange markets today due to restrictions on reserves. The bank will be very flexible and will use any necessary tools, according to its leader.

Baha Breaking News (BBN) / MS