Eurasia Development Bank (EABR): Non-Swift clearing starts-Eurasian Economic Union (EEU) member countries
April 23, 2019
International financial institution: “Eurasia Development Bank (EABR)
Eurasia Development Bank (EABR), an international financial institution that includes Eurasian Economic Union (EEU) member states,
On April 19, the bank announced that it has started clearing (Note 1) work via SWIFT non-committee.
Associated Press Release:
Settlement is done via the bank’s (corresponding currency) correspondent accounts opened directly at each central bank.
Remittances are made directly by member country payment systems and not via SWIFT.
EABR explains that users can save money and time and apply favorable rates because they do not go through SWIFT.
Russian government:
One of the policies to reduce the impact of financial sanctions by the West.
This international payment system is highly recommended because it does not go through SWIFT.
Russian financial institutions:
We are currently making payments with financial institutions around the world through SWIFT.
If the use of SWIFT is restricted, the impact on the Russian economy is inevitable.
Russian government:
EEU (see article November 28, 2018),
CIS (see the October 2, 2018 article)
Promote cooperation in the financial sector within the framework of
In the future
Shanghai Cooperation Organization (see the article October 15, 2018),
BRICS Bank (see the article on July 27, 2018)
Through etc
China,
India
Iran (see article on 26 April 2018)
Promote settlement with non-SWIFT.
-JETRO
https://www.jetro.go.jp/biznews/2019/04/ada7c5c2981b1e6f.html