SWIFT software producer stops working with two  Russian banks

An office of the Russian National Commercial Bank in Simferopol, occupied Crimea. Photo: newstes.ru

An office of the Russian National Commercial Bank in Simferopol, occupied Crimea. Photo: newstes.ru 

News

Finastra, a company which owns the software used for SWIFT banking transactions, has ceased cooperation with Russian banks under sanctions, the Russian outlet Vedomosti wrote citing two sources who know this from Finastra and the banks.

According to them, this software is used by two such banks: the Russian National Commercial Bank (RNKB), which works in occupied Crimea, and Tempbank, which introduced a temporary administration.

Finastra, whose business is largely concentrated in the United States and Canada, told its Russian distributor, Finnet, that it will cease working with these banks from August 31, said one of Vedomosti‘s interlocutors.

There are several software options for working with SWIFT, he continues. In Russia, software from Finastra and SWIFT itself (Alliance Access) is used. According to the other, most banks in Russia and the world use software from SWIFT.

The bank can switch to another interface for access to SWIFT and make technical adjustments, which will cost several thousands of dollars. The banks need to do this by August 31 so they are not cut off from SWIFT while moving to the new software, the first interlocutor adds, the outlet wrote.

Due to uniform standards and wide coverage, SWIFT allows banks and companies to carry out financial transactions around the world. There are other ways to do this in Russia, but there are no alternatives to SWIFT for international transactions.

The Bank of Russia is a system-forming bank in occupied Crimea and operates only in Russia, said a representative of the bank, adding that it does not make payments through Western credit organizations.

According to him, the bank uses the settlement system of the Russian Central Bank.

“The business of RNKB and its clients is not affected by the termination of relations with Finastra,” added the representative of the RNKB.

He did not specify whether the RNKB will switch to other software.

Representatives of Finnet and SWIFT refused to comment. The representatives of Finastra and Tempbank did not respond to the media request.

Two weeks ago, Russian media reported that Tempbank was allegedly disconnected from SWIFT because the bank and its top management were subject to US sanctions through cooperation with Syria and Iran.

According to three interlocutors, it was only about the termination of cooperation with Finastra, and not about disconnection of the bank.

Disconnecting Russia from SWIFT had been discussed in the EU Parliament as an additional sanctions measure against Russia, which is waging a low-scale proxy war in Ukraine’s Donbas region for the fourth year in a row.

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  • Bruno Clabot

    We just entered the era when the western world changed from tasteless into disgusting. Instead of taking a position and providing a solution they just use a situation for their own profit. Machiavelism. Sanctions will bring nothing. Why can’t people settle for a solution backed by UN?

    • Steve

      Excuse me but I really don’t understand your whining dribble. The UN is useless. Do some homework on which countries they have on their Human Rights Committees and their Women’s Committees. There are blatant abusers of Human and Women’s Rights on those Committees and you truly expect the UN to have credibility? The UN is on American soil and frankly most of us are damn tired of hosting and largely funding a useless, balless, gutless, corrupt, money laundering organization that continually comes up with scams/schemes to get more money. Most of the UN countries are represented by third world elites living high on the hog while their fellow country men and women worry about their next meal.

      Additionally, I doubt Bruno Clabot is your real name since DISQUS shows you live in Moscow. So do you work at one of the Troll Farms in St. Petersburg or elsewhere in Russia? And if the UN is so great WHY don’t you and the rest of Russia host it on YOUR soil?

      • veth

        HE IS AN RUSSIAN TROLL..ONE OF THE MANY………

      • Brent

        He also speaks German…..must work for Siemens….

        • Bruno Clabot

          I do speak lots of languages. Nevertheless you have mistaken dutch for german…

          • Dale Davies

            Ahh! That explians the carrot up the rectum attitude!

      • Bruno Clabot

        I wrote especially for veth and his imaginary friends that I live in Moscow.

    • veth

      Since the nazzi regime in Russia has veto-power.

      • Bruno Clabot

        Sure. How many times were they wrong to do so? How many times did we avoid war thanks to Russia.
        But it has become a speciality of your government to invent threats and suck money out of your pocket and fund its massive military compound. Honestly, seeing the budgets of Russia vs achievements, you should start to question what your military do with that money… maybe they corrupt some of your politicians into spending more and more… or to engage in endless war so to keep them busy and spending… for over 100years there was no war in US, Canada and México are no threat for at least 100years. Why do you need this huge military? Do you really believe the tales of the evil world that would try to swallow the righteous US? Or maybe you can guess why most of the Arab world, China and so many others have a viceral hatred for US? I recently read the preamble of the SDN covenant. No wonder US did not sign. In big lines it said that high concentrations of weapons sooner or later bring about the need for war and that it should be limited to what is necessary for self defence.
        Good intentions…

        • veth

          Russia loves war, see in Ukraine, Georgia..Russia vetoed even an international tribunal after they downed MH17. While the Russian Army in Donbass and Syria uses their new weapons as test-ground.

          • Bruno Clabot

            Who downed MH17?

          • Dagwood Bumstead

            The Kremlin’s thugs did.

          • veth

            Russia, the Kursk Brigade as reported after the investigation.

          • Bruno Clabot

            Lol

          • Bruno Clabot

            Investigation? lol

          • veth

            Yes, truth hurts, Russian nazzi

    • Brent

      Because Russia keeps using its veto at the UN???

    • Dale Davies

      The VETO power in the UNSC held by the broken sewage treatment facility. Sanctions ARE restricting the Pootlerstan capabilities. The low oil prices are affecting in a negative way many countries but it seems even more so with regaldhttps://m.accuweather.com/en/ca/whitecourt/t7s/weather-forecast/51942 to Pootlerstan.

    • Dale Davies

      Because Pootlerstan holds a VETO power in the UNSC. The real stick in Pootlerstan is the low oil prices which are affecting many other countries.

  • veth

    Yesterday, NKOREAN travel agency was opened in Moscow. This agency received a license in Pyongyang, and provides travel tours to North Korea. This was reported by Interfax with reference to the president of the Union of Travel Agencies Sergei Golova.

    According to him, Russian tourists have a “great interest” in the agency’s services, which are the first in the Russian Federation.

    The publication noted that the company NKOREAN was established in 2017. It is approved by the Government of the DPRK and guarantees security for tourists on the territory of the DPRK.

    Counselor of the DPRK Embassy in Russia Kim Sen Hong noted that his country guarantees the safety of “law-abiding tourists”. He announced active development of tourism ties between North Korea and Russia.

    • zorbatheturk

      DPRK soon to be turned into an open air theme park called Stalin World.

    • Dale Davies

      That kind of explains the source of NK rocket systems technology. Not that we needed much for confirmation.

  • veth
  • veth

    Media: Instead of introducing visa requirements Ukraine is tightening entry procedures for Russians
    Thursday, August 24, 2017 6:00:17 PM

    According to Russia’s Kommersant newspaper, the government of Ukraine is developing a resolution on a new procedure for Russian citizens entering the country.

    “In the near future, the government of Ukraine will adopt a resolution on a new procedure for Russian citizens entering the country. There will be no change to the visa policy, however there will be other serious restrictions. Border crossings will only be permitted to those with a biometric passport along with the completion of a questionnaire on the Foreign Ministry’s website,” Kommersant writes, referring to “several sources in the Verkhovna Rada.”

    According to them, initially it was planned to introduce a full-fledged visa policy with the Russian Federation, but in the end, they decided to abandon this idea so that Ukrainian citizens who stayed in the annexed Crimea could travel to mainland Ukraine.

    “In the questionnaire, a Russian citizen will have to provide information about himself, including his profession and his place of work, as well as the exact purpose of the trip and the areas he plans to visit, and he will have to notify the Monistry of his arrival a month prior- except in emergency cases, such as the illness or death of a relative,” Kommersant writes citing a source in the Ukrainian Foreign Ministry.

    It was noted that the questionnaire could be completed “in Ukrainian or in English.”

    According to Kommersant’s sources, the decision to change the visa policy will be made not by the parliament, but by the government, and it is possible that this will happen before September 1st.

    The decision to introduce a visa requirement with Russia was made by the National Security and Defense Council back in March 2014, at the very beginning of Russian aggression against Ukraine. At that time, authorities did not dare take that step. Prime Minister Arseniy Yatsenyuk said that many Ukrainians are interested in preserving the visa-free policy, primarily in the east and south of the country, as there are residents in those areas who go to Russia for work and have relatives on the other side of the border. As a result, it was decided to strengthen security at the border.

    In February 2016, the first deputy chairman of the Verkhovna Rada, Andriy Parubiy, along with other deputies, proposed a resolution to end the visa-free policy between Ukraine and Russia.

    In May 2017, it was reported that the Verkhovna Rada had checked the potential votes in order to assess the prospects for the introduction of a visa requirement with Russia.

    On June 1, 2017, the Secretary of the National Security and Defense Council, Oleksandr Turchynov, stated that the issue of the visa policy with the Russian Federation “is not just overdue, but already past due.” On June 24th, he said that Ukraine will tighten the conditions for Russians to enter Ukraine. Until visas are introduced, crossing the border will be allowed only to those that possess biometric passports.

  • veth
  • veth

    Russia hybrid forces attack Ukraine five times on first day of truce declared for new school year Ukraine has reported five attacks by Russia’s hybrid military forces in Donbas on the first day of the so-called “school ceasefire,” which was declared as of August 25, according to the press center of the Anti-Terrorist Operation (ATO) Headquarters.

    Read more on UNIAN: https://www.unian.info/war/2099999-russia-hybrid-forces-attack-ukraine-five-times-on-first-day-of-truce-declared-for-new-school-year.html

  • Ihor Dawydiak

    Were the actions taken by Finastra (the owner of the software company that was used to run the SWIFT banking system) to cut their co-operation with the two specified Russian banks under sanctions an isolated incident or was it intended as a deliberate shot over the bow of the Kremlin? If it was a warning, which could only have been orchestrated by the Western Powers, then Putin and his putinistas would have a great deal more to worry about than just another rotting maggot filled fish head on their plate. To be more specific, should this more than probable warning turn out to be the first stage leading to the suspension or even the outright termination of all Russian financial services and transactions from the SWIFT banking system then this would be the final nail in the coffin culminating in a bankrupted Russian Federation. It could also become a primary factor leading to the much anticipated Second Russian Revolution and as such the elimination of Pompous Putin the Pederast from Russian politics.

  • zorbatheturk

    RuSSkiy banks are bankrupt.

  • veth

    ECONOMIC DEVELOPMENT MINISTRY FORECASTS 3% GDP GROWTH IN 2018
    26.08.2017 11:51
    The Ministry of Economic Development and Trade forecasts the GDP growth in Ukraine at the level of 2% by the end of 2017 and 3% in 2018.
    First Vice Prime Minister – Minister for Economic Development and Trade Stepan Kubiv said this during the Inaugural Economic Forum “Support for Ukraine’s Economic Development: Cooperation between the Government and the Diaspora”, an Ukrinform correspondent reports.

    “We forecast the GDP growth at the level of 2% by the end of the year. In 2018 we forecast the GDP growth of 3%,” Kubiv said.

    He also notes that the economic growth is expected at the level of 3.6% in 2019 and by 4% in 2020.

  • veth

    Moody’s upgrades Ukrainian rating, changes outlook to positive
    The rating upgrade was constrained to one notch because Ukraine faces a heavy external debt servicing burden over the next several years

  • Brent

    Shut down ALL transactions from Russian banks so the Kremlin Mafia can stop stashing stolen “rubbles” in Western banks.