> The system only works within Russia,[3] though there are plans to integrate the network with the China-based Cross-Border Inter-Bank Payments System.[4]
>
> The Russian Government is also in talks to expand SPFS to developing countries such as Turkey and Iran.[6] Owing to its limitations, the SPFS system is seen as a last resort, rather than as a replacement for the SWIFT network.

*SPFS*
https://en.wikipedia.org/wiki/SPFS

> Newly emerging dilemma: if America uses its international financial power to cut major countries like Russia out of SWIFT, it encourages them to start their own systems, eroding that same international financial power

https://twitter.com/gladstein/status/1497370623760224256

cryptocoin

247bf84fda

Editor’s note: this explainer was based on a longer article published in December.

The hidden costs of cutting Russia off from SWIFT

https://www.economist.com/finance-and-economics/2021/12/18/the-hidden-costs-of-cutting-russia-off-from-swift

https://archive.fo/7nNzJ

bitcoin

Why the West is reluctant to deny Russian banks access to SWIFT | The Economist

>  Editor’s note: this explainer was based on a longer article published in December. 

The (barely) longer article:

*The hidden costs of cutting Russia off from SWIFT*
https://www.economist.com/finance-and-economics/2021/12/18/the-hidden-costs-of-cutting-russia-off-from-swift
https://archive.fo/7nNzJ
