Rosswift plans to change its name to Rosfincom

The Russian National SWIFT Association (Rossfivt) will change its name to the Russian National Association of Participants in Financial Communications (Rosfincom). In addition, the association is going to expand its activities through the consolidation of market infrastructure participants, including the SPFS of the Bank of Russia, SWIFT and CIPS, according to the website “Rossfivt”.

According to the association’s press service, the decision was made due to “changes in the geopolitical situation.” The name change must be approved by the general meeting of Rossfivt. The next meeting will be held April 19.

After the start of the military operation in Ukraine, the EU gradually disconnected Russian banks from SWIFT. In particular, on March 2, VTB, Rossiya, Otkritie, Novikombank, Promsvyazbank, Sovcombank and VEB.RF were disconnected from the system.

Erdni Kagaltynov