New restrictions could be applied to financial institutions that use the Bank of Russia’s financial messaging system The G7 and EU are working on ways to sanction banks that allegedly help Russia circumvent the current restrictions, Bloomberg reported on Friday, citing sources close to the discussions. According to the report, the measures would target third-country financial institutions that use the Bank of Russia’s interbank messaging system, the SPFS. The system functions similarly to the Belgium-based SWIFT, ensuring the secure transfer of financial messages between banks both inside and outside the country.
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