India and Russia complete work on a replacement for SWIFT

The Economic Times, citing informed sources, reported that the Central Banks of India and the Russian Federation have already completed the development of a unique platform for conducting payment transactions bypassing SWIFT. This became necessary due to the conduct of anti-Russian sanctions. As it became known, India offered Russia various platform options, from which the optimal one was chosen. It is also reported that the new PS will work in the Indian Central Bank and Russian VEB. It is expected that she will begin to carry out operations within the next few days. Next week there will be a meeting between representatives of the Central Banks of the two countries. It will be devoted to issues related to developing an appropriate legal framework for conducting trade operations contrary to US prohibitions. Earlier, Western countries, led by Washington, introduced a package of sanctions to destroy the Russian economy and the country’s financial system. Within its framework, the Russian Federation was disconnected from SWIFT.

Source: xCritical.com