Experts also spoke about the likelihood of disconnecting Russia from SWIFT.
Russia faces disconnection from the SWIFT international payment system if the relevant law is adopted and approved in the White House, as well as agreed by the United States with partners in the European Union.
Topnews wrote about this earlier.
In the Kremlin, CNN’s statement was called “information hysteria”, but the expert, in turn, voiced two scenarios for the development of events in the event of Russia’s disconnection from SWIFT
It is noted that naturally in such a case, Russian banks will switch to the domestic analogue of the SPFS (Financial Message Transmission System). However, it is not yet sufficiently developed and therefore banks will probably have to make payments bilaterally.
This method will be more costly and longer for the bank’s customers, both importers and exporters.
Accordingly, as Olga Belenkaya, head of the Macroeconomic analysis Department at Finam, explained, transaction costs will also affect the price of goods for the end consumer.
Meanwhile, Isaac Becker, an international financial consultant at FCP Financial Management Ltd, expressed doubt that Russia would be disconnected from the SWIFT system and this issue would be resolved at the talks between Putin and Biden.
According to him, both sides will come to the conclusion that such a decision will not benefit either side and will agree on a temporary compromise.
Dmitry Polevoy, Investment Director at LockoInvest, also assessed the likelihood of disconnection from SWIFT as unlikely.