Russian financial institutions and companies are ready to operate without SWIFT's interbank cash transfer service, according to Deputy Prime Minister Arkadyi Dvorkovich.
"It is, of course, uncomfortable, as it is an obstacle for companies and banks, and will slow down work, installing old technologies for information transfer and computing, but companies are technically and psychologically ready to stop, as this threat reiterates "said Dvorkovich, according to the TASS news agency.
He added that the measure could have a negative impact on companies in the United States and Europe.
"In general, Russia's disconnection from SWIFT would be a crazy step for our Western partners." It is obvious that it would be detrimental to businesses in Europe and the USA, and this is not just about shutting down services, "he said.
Russia's potential disconnection from SWIFT has been negotiated since 2014 when the EU and the US have introduced international criminal measures against Moscow as a result of alleged involvement in the Ukrainian crisis and reunification with the Crimea.
At that time, the European Parliament called for strong action against Russia, including the expulsion of the country from money transfer services. However, the International Interbank Financial Telecommunication Company (SWIFT) considered the recommendations to be harmful to the offender and businesses.
In 2017, the governor of the central government of Russia, Elvira Nabiullina, told President Vladimir Putin that all the conditions necessary for the operation of the lending and payment systems in the banking sector had to be disconnected from SWIFT. According to the regulator, 90 percent of ATMs in Russia were willing to accept the Mir payment system, which is Visa and MasterCard's domestic version.
The Mir payment system was introduced in 2015 after a large number of Russian bank clients (SMP Bank, InvestCapitalBank, Russia Bank and Sobinbank) were unable to use Visa and MasterCard for penalties.
