Russia's SPFS payment network (2014-present)
After Crimea sanctions threatened Russia's SWIFT access, the Central Bank of Russia launched the System for Transfer of Financial Messages. It now connects 177 financial institutions across 24 countries, plus the domestic Mir card network handling nearly half of Russian card payments.
Russian banks kept settling domestic and friendly-country transactions after Western messaging was cut in 2022.
SPFS is functional but expensive and limited, and most non-bloc banks still refuse to join. Researchers conclude it has not replaced SWIFT.
Tehran is trying the same playbook with crypto rails instead of bank messaging. Russia's experience suggests such systems work inside a friendly bloc but struggle to pull in neutral or Western counterparties.
