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U.K. Wants EU to Block Russia From SWIFT Banking Network:
The U.K. Will press European Union leaders to consider blocking Russian access to the SWIFT banking transaction system under an expansion of sanctions over the conflict in Ukraine, a British government official said. Ref. Source 8
SWIFT Banking Network (Hover)
Russia, China in talks to make alternative to SWIFT - deputy PM:
Russia and China are discussing setting up a system of interbank transactions which will become an analogue to International banking transaction system SWIFT, First Deputy Prime Minister Igor Shuvalov told PRIME on Wednesday after negotiations in Beijing. Ref. Source 4
Sanctioned Russian banks begin testing national payment system next week:
The move comes as a part of Russia's ambitious initiative to move away from the Western dominance of its financial markets. Last month the Russian Central Bank said it would have its own international inter-bank payment system, an alternative to the global SWIFT network up and running by May 2015. Ref. Source 2