> 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

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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

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

> 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