Russia’s Intelligence Service claims EU sanctions undermine global trust in SWIFT

Restrictions imposed by the European Union on Russia have contributed to a decline in trust among Global South countries toward the SWIFT international payment system, Russia’s Foreign Intelligence Service (SVR) stated.

In a statement, the SVR claimed that European experts are expressing concerns about the long-term consequences of further sanctions against Russia. These experts are reportedly urging the European Commission to reconsider additional restrictive measures, warning of potential economic and geopolitical repercussions, Caliber.Az reports via Russian media. 

The SVR criticised the EU’s earlier decision to disconnect a large number of Russian banks from SWIFT, calling it a strategic misstep. The service stated that, in response, Russian financial institutions have developed alternative mechanisms for international cooperation, particularly with partners in non-Western countries.

“It has now become clear to many countries in the Global South that SWIFT is being used as a tool of political pressure,” the service said.

The statement also pointed to the growing momentum behind alternative payment systems in countries such as China, Russia, India, and Saudi Arabia. Among these, China’s M-Bridge platform was highlighted as a significant emerging competitor to SWIFT, offering new options for international financial settlements.

By Sabina Mammadli