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SPFS financial messaging system targeted in EU’s latest Russia sanctions package

By Jean Comte ( June 24, 2024, 14:42 GMT | Insight) -- The Russian financial messaging system SPFS will not be available to EU entities, under the latest EU sanction package published today. The system was developed by the Russian central bank as an alternative to Swift, which Russian banks have been banned from using since 2022.EU companies will be prohibited from using Russia's System for Transfer of Financial Messages — known as the SPFS — under a new package of sanctions against Russia adopted today by the EU....

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