Russia’s financial messaging system, SPFS, is expanding as more countries look for alternatives to SWIFT.
A total of 177 financial institutions from 24 countries are now part of the system, according to the Central Bank of Russia.
The announcement came during a parliamentary session, where officials highlighted growing international interest in SPFS. Despite global tensions, financial institutions from “friendly” nations continue to join, with 18 new members from four countries added in 2024 alone.
Russia created SPFS in 2014 after facing restrictions on SWIFT due to geopolitical tensions. The system was initially tested on a small scale before its official launch in 2017. It provides a secure channel for interbank communication and transactions, reducing reliance on Western-controlled networks.
Sanctions imposed on Russian banks after the Crimean crisis and later intensified due to the war in Ukraine have pushed Moscow to strengthen its independent financial infrastructure. By expanding SPFS, Russia aims to protect its banking sector and maintain international trade despite economic restrictions.
The growing adoption of SPFS reflects a broader shift in global finance, where some countries are exploring alternative payment systems to reduce dependence on Western financial institutions. As geopolitical tensions continue, Russia’s financial network could gain further traction among its allies.