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CB/Minfin Draft Russian SWIFT Bill

27.08.2014 12:38 / Interfax

The Central Bank and Minfin have drafted Russia’s own SWIFT bill, Deputy Finance Minister Alexey Moiseev told the press Wednesday.

In April, following the first round of sanctions that led to Visa and MasterCard discontinuing service of SMP Bank and Russia Bank cards, Minfin proposed new SWIFT service regulations in Russia.

“The Bank of Russia is actively working on a bill that makes the transition to a Russia-based transaction processing system compulsory. We have talked it through with the industry and the Bank of Russia. It has not been formally introduced, but the draft is there”, said Deputy Minister.

He said that Minfin will proceed with the draft when it has been made clear that the CB is technically ready to transfer transaction processing inside the country. “We must ensure continuity for all internal transactions by all banks”, added Moiseev.

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