OREANDA-NEWS. Russia’s transition to its own financial information transmission systems in the event of a disconnection from SWIFT will complicate the connection of Russian banks with foreign ones and will cost more, in addition, there may be problems with the speed of transactions, this opinion was shared in an interview with NEWS.ru by financial analyst and associate professor of economic sciences at the RANEPA Nikolay Kulbak. The day before, Finance Minister Anton Siluanov said that if the West still decides to restrict the access of Russian banks to SWIFT, Russia will switch to its own similar systems.

Most likely, there will be problems with the transfer speed, it will slow down. Short-term failures are possible at the first stage, when it [the system] will be implemented, and with a high probability we should expect a slight increase in the cost of banking services, because banks will have to somehow compensate for all this. The most important thing is that operations with dollars and other currencies will become much more complicated,” Kullbaka said.

According to the expert, the transition to its own system will take a maximum of one to two weeks, since before connecting to SWIFT, Russia had already used tools for transmitting financial information.

Earlier, Anton Siluanov, commenting on the possibility of Russia disconnecting from SWIFT, said that the country was prepared for such a scenario. At the same time, he noted, referring to Western media reports, that the issue of disconnecting banks from SWIFT is still being postponed and "common sense wins." In the event that sanctions are nevertheless applied, according to the minister, Russia has tools for transmitting financial information, in particular, the Financial Message Transfer System (SPFS) and teletype. The minister joked that there is also an option to “carry payments in suitcases”.