R.M.P Marotta Long Island

Russia offers trade partners to join its SWIFT alternative https://www.rt.com/business/560916-russia-sco-financial-messaging-system/

Moscow aims to boost settlements in national currencies with SCO countries instead of the dollar and euro

Russia has offered countries belonging to the Shanghai Cooperation Organization (SCO) to join its financial messaging system (SPFS), the Russian equivalent of SWIFT. Moscow wants to boost the volume of settlements in national currencies, the country’s Economic Development Minister Maxim Reshetnikov said on Tuesday.

“In order to ensure uninterrupted cooperation between our banks, we suggest that members of the organization join the Russian financial messaging system,” Reshetnikov said in his video address to participants at the SCO forum in Uzbekistan.