The U.S. Treasury threatened sanctions against participants in the Central Bank's SPFS system

Foreign banks - participants of the SPFS system, developed by the Central Bank of Russia (CBR), may fall under restrictions from the U.S. Treasury Department. This became known from the press release of the U.S. Ministry of Finance on November 21.

"Foreign financial institutions should be cautious about their ties with institutions that have joined the SPFS, as such banks may be channels for circumventing Russian sanctions," the published text reads.

In addition, it is noted that the Russian Federation, acting as an initiator of the SPFS, offers partners to actively register in the system. This could make it an analog of SWIFT.

In June, it became known that the G7 countries and the EU are working on sanctions against banks using the SPFS. However, some EU countries are against the initiative to completely ban the SPFS, as such a step "could affect legitimate transactions and harm relations with third countries".

In addition, Bloomberg, citing sources, reported that the EU may also ban the use of the Russian Central Bank's financial messaging system as part of a new package of anti-Russian sanctions. In addition, it is expected that a ban on imports of Russian helium will be imposed, and export restrictions on manganese ore and other rare-earth components will be strengthened.

Back in September last year, Russian Finance Minister Anton Siluanov said that in 2024, during a meeting of the BRICS countries, their representatives will discuss the creation of an alternative to SWIFT. He noted that the Russian Federation is trying to introduce its own system of financial messaging - SPIFT, while other countries have their own systems.