The United States has expressed a willingness to consider Russia’s return to the SWIFT international banking system, raising questions about why Washington might be interested in this move.
According to analysts, SWIFT remains a familiar and convenient platform for American financial institutions. Despite Western sanctions, 159 US companies continue to operate in Russia at full capacity, while 178 have only partially suspended activities without officially exiting the market. More than 300 companies, however, have permanently left the country.
Russia, on the other hand, is in no rush to rejoin SWIFT. The country has successfully developed its own National Payment System, which has proven to be a viable domestic alternative. Additionally, Russian financial institutions have been actively exploring and testing cross-border payment mechanisms that bypass traditional Western-controlled financial networks.
Experts predict that SWIFT may soon become obsolete. By the end of the decade, alternative international payment systems are expected to gain traction. Over 90 countries are currently testing their own central bank digital currencies (CBDCs), signaling a shift away from reliance on SWIFT. Furthermore, digital financial assets are already being used for international transactions by various countries, reducing dependency on traditional banking systems.
