Preparing to Western sanctions, Belarusian banks sign up to Russia’s alternative to SWIFT

Belarusian banks are preparing for tougher Western sanctions by signing up to Russia’s alternative to SWIFT, the international financial messaging network that underpins the global banking system, Russia’s Moskovsky Komsomolets tabloid has reported.

Russia’s System for Transfer of Financial Messages (SPFS) has more than 400 domestic users — practically every licensed Russian lender — but is used by only 38 banks from nine other countries. Developed in 2014, SPFS is designed to keep banking transactions in the event of Western sanctions disconnecting Russia from SWIFT.

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