Russia Launches Own ‘SWIFT’ Service, Links Up 91 Credit Institutions

Nations of the world are sidestepping around the U.S. dominated world economy and are replacing it with their own. The move from SWIFT is yet but one piece. An example of another would be the alternative global internet brought to you by BRICS.

 

Ekaterina Blinova — Almost 91 domestic credit institutions have been incorporated into the new Russian financial system, the analogous of SWIFT, an international banking network.

The new service, will allow Russian banks to communicate seamlessly through the Central Bank of Russia. It should be noted that Russia’s Central Bank initiated the development of the country’s own messaging system in response to repeated threats voiced by Moscow’s Western partners to disconnect Russia from SWIFT.

Russian Central Bank voids Standard & Poor’s, Moody’s, Fitch ratings

What happens when a nation in retaliation refuses to recognize a universally accepted standard ratings agency? Stay tuned. Pandora’s box has been opened on yet another front. Full-blown economic warfare is in full motion.

 

The Central Bank of Russia will no longer use credit ratings from Standard & Poor’s, Fitch, or Moody’s that were assigned after March 1, 2014.

All credit ratings given to Russian companies and banks will now be at the discretion of the Board of Directors of the Bank, according to a press statement Monday. The regulator will assess whether or not the ratings made after March are accurate.

“According to the Bank of Russia Board of Directors’ decision, the rating date for credit institutions and their issued financial instruments, including securities, to implement Bank of Russia regulations, shall be 1 March 2014; as for other entities, listed in the ordinance, and their issued securities, this rating date shall be 1 December 2014,” the press release said.