The global company “Finastra” – the owner of a SWIFT software – has informed its Russian distributor “Finnet” that it is going to stop cooperation with the Russian National Commercial Bank (RNCB), the major bank of the Crimea. The above decision has been taken amid tightening of the American sanctions.
SWIFT allows exchange of the financial messages all over the world. Westside law firm partner Sergey Vodolagin explained that the Crimean banks are not allowed to open correspondence accounts and to make payments with the foreign banks following the sanctions, i.e. such banks are actually cut from the international bank system. However, there is information that RNCB uses SWIFT to a certain extent.
The bank may use another interface for SWIFT access. Such interface must be installed no later than the August 31, so that the bank will not be cut from the SWIFT for the time a new software is introduced.