Thread by @IamTheStory__

The Russian analog of SWIFT, SPFS is growing beyond the imagination of the EU and US sanction regime. 100 more organizations are joining the SPFS
#Thread
#Russia #SPFS #SWIFT #US #EU #CHINA #ASIA #INDIA twitter.com/i/web/status/1…

1. According to NSD's (National Settlement Depository) representative, about 100 new participants are currently joining the Russian financial messaging system (SPFS). These are mainly representatives of friendly countries from the CIS, Latin America, and Asia. For example, Russia… twitter.com/i/web/status/1…

2. Last year 130 banks and companies were connected to the SPFS. The total number of users reached 462 organizations by the year-end. The financial messaging system works similarly to SWIFT, it was created in 2014 after the first anti-Russian sanctions were imposed.

#Russia… twitter.com/i/web/status/1…

3. It can be used to conduct money transactions both inside and outside the country. After many Russian banks were disconnected from SWIFT in 2022, there was an urgent need to develop its own financial infrastructure to support foreign trade. The SPFS facilitates the use of… twitter.com/i/web/status/1…

4. The SPFS network with China’s homegrown payment system Cross-Border Interbank Payment System or CIPS, which Beijing may now aggressively push on the global stage.

#Russia #SPFS #SWIFT #US #EU #CHINA #ASIA #INDIA twitter.com/i/web/status/1…

5. In March 2023 Chinese President XI Jinping visited Moscow. During the summit, Russian President Vladimir Putin announced that" Russia and China will complement each other on those technologies where one side is making progress".
PS - There is an old saying. Necessity is the… twitter.com/i/web/status/1…