Currently, many countries are considering creating their own equivalent of a bank payment system after Russia's disconnection from SWIFT. The Arab League was the first to speak of the need to develop an alternative project. The director of Egypt's Al-Farabi Research and Educational Center, Midhat Hammad, has already taken up the initiative.
Hammad stated that Iran had already established its banking analogue of SWIFT. Now, the country is not reliant on the global banking system. He said Arab countries should develop their own system. The US banks hold enough Egyptian money. If one day the countries have a conflict, there will be a need for a SWIFT equivalent.
He considers US actions against Russian bank accounts to be racketeering. Hammad says such practices are unacceptable even in the current situation. However, as a cooperative society under Belgian law, SWIFT is obliged to comply with EU regulations. For example, Iran was disconnected from the system in 2012. The reason was the EU decision and its confirmation by the Belgian authorities. SWIFT is an international interbank information and payment system connected to more than 11,000 major organizations almost all over the world. Due to the possible disconnection of domestic banks from SWIFT, Russia has created its own Financial Messaging System.
