Despite the disconnection of Russian banks from the SWIFT system, interaction through alternative payment systems remains possible. This opinion was expressed for TASS by Olga Ponomareva, expert at the Economic Policy Foundation, commenting on the 18th package of EU sanctions against Russia.
"Disconnection from SWIFT implies a ban on access to this system for transferring financial information, but such a ban does not exclude the possibility of interaction within other alternative systems to which Russian banks are connected, for example, the Chinese CIPS, but this is also associated with the difficulties and limitations of intermediation and additional costs," the expert explained. She also suggested that the EU is likely to impose a ban on any transactions with Russian banks, even if they take place outside of SWIFT.
Assessing the new sanctions package as a whole, Olga Ponomareva noted: "A completely logical and expected development of sanctions pressure, which market participants most likely predicted and could prepare for. Sanctions risks in recent years have become an integral part of analysis in developing a company's strategy and developing foreign economic cooperation." In her opinion, the greatest discomfort will be caused by measures against oil refineries in India and other countries purchasing Russian oil.