Russia-Ukraine crisis: Sanctions trigger debate over alternative to SWIFT system
Updated: 01 Aug 2022, 08:21 PM IST
TL;DR.With an unrestrained grip over global payment systems via Swift, any country can be ostracized as shown in the recent turn of events of Russia-Ukraine crisis. We explore its alternatives
SPFS is a Russian equivalent of the SWIFT financial transfer system which was developed by the Central Bank of Russia.