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SPFS (Russian: Система передачи финансовых сообщений, lit. 'System for Transfer of Financial Messages') is a Russian equivalent of the SWIFT financial transfer system, developed by the Central Bank of Russia.[1] The system has been in development since 2014, after the United States government threatened to disconnect Russia from the SWIFT system.[2]

The first transaction on the SPFS network involving a non-bank enterprise was executed in December 2017.[3] As of March 2018, over 400 institutions (mostly banks) are part of the network.[1]

Compared to SWIFT, the system faces a number of challenges, especially higher transaction costs[4] however, on the 15th of March 2018 transaction fee was radically reduced to 0,80 - 1,00 ₽ (0.012 - 0.015 $) per transaction[5]. The system only works within Russia,[3] though there are plans to integrate the network with the China-based Cross-Border Inter-Bank Payments System.[4] The Russian government is also in talks to expand SPFS to third countries such as Turkey and Iran.[6] Owing to its limitations, the SPFS system is seen as a last resort, rather than as a replacement for the SWIFT network.[1]

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  1. ^ a b c Aitov, Timur (15 March 2018). "Натянутая струна. Возможно ли отключение России от SWIFT". Forbes.ru. Retrieved 4 October 2018.
  2. ^ Turak, Natasha (23 May 2018). "Russia's central bank governor touts Moscow alternative to SWIFT transfer system as protection from US sanctions". CNBC. Retrieved 4 October 2018.
  3. ^ a b "«Роснефть» провела первую операцию в «русской SWIFT»". 22 March 2018. Retrieved 4 October 2018.
  4. ^ a b Aggarwal, Parv. "How U.S. Sanctions are Fostering Innovative Strategies for Resiliency in Russia". The Fletcher School, Tufts University. Retrieved 4 October 2018.
  5. ^ "Система передачи финансовых сообщений | Банк России". www.cbr.ru. Retrieved 2019-04-23.
  6. ^ "Press review: Russia eyes dumping US dollar and NATO backs Washington's INF accusation". TASS (in Russian). 4 October 2018. Retrieved 4 October 2018.

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