SPFS

The System for Transfer of Financial Messages (), abbreviated SPFS (), is a Russian equivalent of the SWIFT financial transfer system, developed by the Central Bank of Russia. The system has been in development since 2014, when the United States government threatened to disconnect the Russian Federation from the SWIFT system. Since June 2024 the system is banned by the European Council for EU banks outside Russia, and in an alert issued in November 2024 the US OFAC warned that institutions that join the system after the issuance of this alert will be subject to aggressive targeting.

==History== The first transaction on the SPFS network involving a non-bank enterprise was executed in December 2017. In March 2018, over 400 institutions (mostly banks) were part of the network.