Disconnecting Russia from the SWIFT System: Possible Legal Risks

Abstract

There has been talk for a long time about the possible disconnection of the Russian Federation from the SWIFT system. On one hand, it is a promising vector of development, because it allows the Russian Federation to advance in the digital market. It opens opportunities to offer alternatives to existing foreign technologies and systems, and introduce fintech into the companies activities. On the other hand, the national system is currently vulnerable to foreign digital giants, among which, of course, are the United States and China. External developments and technologies may harm national systems in the near future, which in turn may violate the right of the Russian Federation to digital sovereignty. How relevant the issue of digital sovereignty is now can be judged by how many states are trying to limit the influence of external actors in every possible way. These states include Austria, Germany, and some other EU countries. Therefore, the issue of ensuring national security and protecting digital sovereignty is currently critical, and will require a definite answer in the near future.