Monday, November 18, 2019

Russia develops an alternative to the SWIFT system Banks use to skirt CAATSA

Russia reportedly developed an alternative to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) Messaging Network that Banks use for financial transactions to skirt the United States’ (US) Countering American Adversaries through Sanctions Act (CAATSA) Law.

The alternate system has started use this year (2019) on military transactions with Turkey and India and so far seemed to be effective in countering CAATSA. 

SOURCE: Sanctions-Busting ‘Financial Arrangements’ helped Rosoboronexport complete S-400 Turkey Deal

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