G7 countries and the EU are discussing the possibility of imposing restrictions on banks using Russia's SWIFT alternative, the SPFS, to bypass sanctions. The discussions come ahead of the G7 meeting in Italy, where leaders plan to coordinate measures for more effective enforcement of sanctions against Russia. The use of the Russian system has nearly tripled from 2022 to 2023, with foreign banks in 20 countries, including China and Kazakhstan, using the SPFS. The EU had considered banning the SPFS, but some member states expressed concerns about the impact on legitimate transactions and relations with third countries.
