Subject The article considers the assessment of dependence of the Russian banking system on the Society for Worldwide Interbank Financial Telecommunications (SWIFT). Under economic sanctions against the Russian Federation, this dependence is quite a serious problem; therefore, it is crucial to find alternatives to the SWIFT system. Objectives The study aims to review the specifics of SWIFT functioning in the Russian Federation search for alternative mechanisms to effect payments and transmit relevant information so that to avoid dependence on the system. Methods The study employs general scientific and special methods. Using the analytical methodology, I examined factors and conditions affecting the possibility of replacing the SWIFT system by other data transfer mechanisms in the Russian Federation. Results The paper describes the nature and principles of the SWIFT system's operations in the Russian Federation, provides a rationale for finding alternative systems of settlements and data transfer under pressure from financial sanctions. I present various options of replacing the SWIFT network and an immediate forecast, including the perspective of switching of Russia from the SWIFT system. Conclusions At the present stage of the Russian banking system development, under economic and political pressure on the Russian Federation from Western countries, it is necessary to overcome the dependence and find an alternative to the SWIFT system.
Keywords: payment system, banks, sanctions, information transfer
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