Referring to recent threats from Western countries to expel Russia from Swift, Sergei Lavrov told at a joint news conference with Portuguese Foreign Minister Augusto Santos in Moscow, said that the Russian government is working on ways to deal with the consequences of the leaving SWIFT."
"Western countries are not reliable partners," Lavrov said, adding that in some cases they may take illegal actions for no apparent reason.
SWIFT is a financial messaging system that connects banks and other financial institutions around the world to exchange information about financial transactions between them in a secure manner.
The network, which facilitates global financial transactions, is headquartered in Belgium, but its board of directors consists of executives from American banks.
The United States and the Europeans have repeatedly threatened to cut off Russia's access to the Swift system in recent months.
Russia, along with China and India, members of the world's emerging economies known as the BRICS, have decided to create an alternative messaging system in order to circumvent Swift's banking messaging system.
The Russian system is called "SPFS" and is to be connected to China's messenger system, called "CIPS". India does not yet have such a system.
Russian media have reported that the formation of such a network between the three countries will connect three billion people.
Russia, along with China and India, members of the world's emerging economies known as the BRICS, have decided to create an alternative messaging system in order to circumvent SWIFT's banking messaging system.
The Russian system is called "SPFS" and is to be connected to China's messenger system, called "CIPS". India does not yet have such a system.
Russian media have reported that the formation of such a network between the three countries will connect three billion people.
Russia and the BRICS countries are trying to launch a financial alternative to Swift due to the insecure behavior of the West.
Russia launched the SPFS in 2014 after Washington threatened to expel it from SWIFT. The first financial transaction via this system took place in December 2017.
Eurasian Economic Union member states are also working with the Russian Central Bank to join the SPFS. The Islamic Republic of Iran has also announced that it is looking to launch an alternative system to Swift. 219
