Russia’s central bank announced Tuesday that it would no longer disclose the names of banks that use its alternative to the SWIFT payment system.
The move comes after several Russian banks were banned from SWIFT—the cross-border payment system operator—as part of measures that came in response to President Vladimir Putin’s invasion of neighboring Ukraine, which began on Feb. 24. The penalty was designed to isolate Russia from global markets following the invasion.
Russia’s central bank developed a messaging system, the System for Transfer of Financial Messages (SPFS) in 2014. Russian banks affected by the ban could move to Moscow’s alternative to the SWIFT payments network.
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