Logo of the interbank payment information exchange system SWIFT. File photoYEREVAN, Mar 1 Deputy Chairman of the Central Bank of Armenia Hovhannes Khachatryan said in an interview with the Public Television of Armenia that the scenario of sanctions against the financial sector of the Russian Federation is not the most problematic and harsh for the republic.
"At the moment, only a few banks in the Russian Federation are disconnected from the SWIFT system. Not even all sanctioned banks have been turned off. Numerous Russian banks operate not only without sanctions, but also with SWIFT, as before. This is not the most problematic, not the most severe scenario. We hope that events will unfold in such a way that at this stage the sanctions, military-political escalation will stop", Khachatryan said.
He added that the sanctions applied against Russian companies, regardless of whether they participate in Armenian organizations, whether they have subsidiaries, directly, immediately, automatically should not necessarily apply to Armenian companies. «Today, there is one bank in Armenia, which is included in sanctions list — VTB Bank (Armenia) But none of its internal transactions can be limited — only cross-border foreign transactions, and even then not completely … There will be no financial transactions with American companies. certain legal ways that do not contradict the sanctions… But 90-95% of the bank's operations are standard services for servicing the domestic market, which will continue as before,» Khachatryan said.
SPFS will be able to replace SWIFT, Nabiullina said Speaking about fluctuations in the exchange rate of the Russian ruble, he said that the Armenian side sees the determination of the financial authorities of the Russian Federation, in particular the Central Bank, to prevent great volatility and big shocks. At the same time, he added that in Armenia over the past decade, the situation with dependence on international transfers has improved: if before private transfers amounted to 9% of GDP, now this figure has decreased to 6%, before the share of Russia in these transfers exceeded 70%, now it is approaching to 40%. Over the weekend, Western countries initiated new sanctions against Russia. Thus, in connection with the operation of the Russian Federation in Ukraine, the European Union banned any Russian aircraft from landing, taking off or flying over the territory of the EU in addition to banning its companies from supplying civil aircraft and spare parts to Russia.
The West has opened a second front against Russia. EconomicIn addition, on the eve it became known that the EU banned operations related to the management of reserves and assets of the Central Bank of Russia. EU states will be able to conduct transactions with the Bank of Russia if it is «strictly necessary» to ensure financial stability. The head of EU diplomacy, Josep Borrell, said that about half of the financial reserves of the Central Bank of the Russian Federation will be frozen thanks to new EU sanctions. Also, as the German Cabinet said, all Russian banks that have already fallen under the sanctions of the international community, and, if necessary, other Russian banks, will be excluded from the SWIFT payment order system. 
Freezing or robbery: why the West is blocking Russian reservesPosted by: N. Stoma