Category
page 1Banking in Russia
SPFS
The System for Transfer of Financial Messages (), abbreviated SPFS (), is a Russian equivalent of the SWIFT financial transfer system, developed by the Central Bank of Russia. The system has been in development since 2014, when the United States government threatened to disconnect the Russian Federation from the SWIFT system. Since June 2024 the system is banned by the European Council for EU banks outside Russia, and in an alert issued in November 2024 the US OFAC warned that institutions that join the system after the issuance of this alert will be subject to aggressive targeting.
SWIFT ban against Russian banks
sanction against Russia for the 2022 invasion of Ukraine
Deposit Insurance Agency of Russia
Russian state corporation