SPFS

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The System for Transfer of Financial Messages (Russian: Система передачи финансовых сообщений, romanized: Sistema peredachi finansovykh soobscheniy), abbreviated SPFS (Russian: СПФС), is a Russian equivalent of the SWIFT financial transfer system, developed by the Central Bank of Russia.^[1] The system has been in development since 2014, when the United States government threatened to disconnect the Russian Federation from the SWIFT system.^[2] Since June 2024 the system is banned by the European Council for EU banks outside Russia,^[3] 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.^[4]