Russia is turning to microchip manufactures in China to circumvent western sanctions which have boosted demand for bank cards linked to the Mir payment system, an executive with the domestic payment system said. Western sanctions imposed on Russia over its invasion of Ukraine have cut Moscow off the global financial system and from nearly half…

Leaders in the Russian Federation and the Islamic Republic of Iran are developing an alternative to the SWIFT system for messaging for international payments, according to a key Iranian diplomat in comments made on Thursday. On the subject, Iranian ambassador to Russia Kazem Jalali told reporters, “We are making efforts in this direction,” according to…

The cyber specialists of the big banks have set an alert as concerns brew amongst the big banks over Swift’s vulnerability to Russian cyberattacks, the Financial Times reports. The attacks ended, kicking seven of the country’s lenders off the global payments messaging system. Swift plays a crucial role in global banking, facilitating trillions of dollars…

Commentary As Russia’s invasion into Ukraine continues, among the U.S. responses is the denial of selected Russian banks’ access to the Society for Worldwide Interbank Financial Telecommunications (SWIFT) international financial messaging network. Keep in mind that the SWIFT system has been a critical component of American foreign policy since 1973, as has the dollar’s reserve…

TOKYO—Japan will freeze the assets of four additional Russian banks from April 2, Finance Minister Shunichi Suzuki said on Thursday, taking to seven the total number Tokyo has slapped with such sanctions. Prime Minister Fumio Kishida’s cabinet approved the decision to freeze the assets of VTB Bank, Sovcombank, Novikombank and Otkritie, the Ministry of Finance…

The European Union on Wednesday formally excluded seven Russian banks from the SWIFT payment system as part of the bloc’s latest sanctions over Russia’s attack on Ukraine. “Today’s decision to disconnect key Russian banks from the SWIFT network will send yet another very clear signal to [Russian President Vladimir] Putin and the Kremlin,” European Commission…

TAIPEI, Taiwan—Taiwanese Premier Su Tseng-chang said on March 1 that Taiwan will work with Western countries in their ban of selected Russian banks from the SWIFT international payment system. The SWIFT ban was announced on Feb. 26 by the United States, the European Union, Canada, France, Germany, Italy, and the UK, in response to Russia’s…

NEW YORK—The banning of certain Russian banks from the SWIFT international payment system could push central banks to enhance liquidity to offset missed payments, a Credit Suisse strategist said on Sunday. Western nations announced on Saturday a harsh set of sanctions to punish Russia for its invasion of Ukraine, including blocking some banks from the…

Russians bracing for economic hardship as the Russian Ruble plunges and their key interest rate goes all the way to 20 percent. Sanctions continue to grow. U-S lawmakers calling on President Biden to boost domestic energy production, and reopen the Keystone XL Pipeline. We hear from a couple of them. And New York City soon easing up…

Western partners are inching closer to ejecting Russia from the SWIFT global interbank payments system over the Kremlin’s aggression in Ukraine, according to Lithuania’s prime minister. “Our goal is that the decision is taken as early as possible. I cannot give a particular date. From what I’m hearing it seems that there is no strong…