Prices for equipment and electronics in Russia may rise by 15-20% already by autumn due to European Union sanctions against the Russian “SWIFT analog” – the “System for the transmission of financial messages of the Central Bank of the Russian Federation (SPFP).

The Russian “Kommersant” writes about this with reference to local traders.

“We are talking about payments for all goods and even services, since logistics is also paid through banks,” explained Yulia Shlionska, head of the Russian customs and logistics broker KVT. According to her, this will lead to a decrease in the number of schemes for payments for imported goods and their price increase.

So far, the SPFP has worked “expeditiously and without failures, decently providing payments to friendly countries, especially through subsidiary European banks,” said the adviser of the Russian law firm Verba Legal, Marat Samarskyi.

If foreign banks connected to the SPFP begin to block payments from Russia, this could lead to a 25% drop in imports from China and a 10-20% increase in the price of all imported goods, depending on the category, predicts Georgy Vlastopulo, senior partner of the Optimalog logistics company . He reminded that due to problems with payments, imports from China have already fallen by 11%, and from Turkey – by 33%.

In case of problems with SPFP, large distributors of equipment and electronics will have to cooperate with intermediary banks, which will raise the commission from 1-2% to 5-6%, adds the founder of the Russian brand of household appliances Jacky’s Huseyin Imanov.

“Most likely, small equipment suppliers will not be able to achieve adequate business margins and will simply close their organizations,” he believes.

In addition to the increase in cost, problems with the availability of almost all electronics and household appliances may begin in September-October, says Imanov.

“Companies are already facing payment problems with third countries, which will have a delayed effect,” he explained.

The Russian company “Marvel-Distribution” confirmed that sanctions aimed at banning the use of SPFP may lead to a 5-10% increase in the price of equipment. Another publication source among electronics suppliers predicts a smaller price increase – by 1-3%.

As reported, as part of the 14th sanctions package, the EU banned its companies not operating in Russia from using the Bank of Russia’s “Financial Messaging System” and from conducting transactions with those who make payments through this system outside of Russia. 

The Russian central bank created its own “SWIFT analogue” back in 2014 after the first anti-Russian sanctions for the annexation of Crimea. Then the Russian Federation began to create an alternative financial infrastructure, which was supposed to ensure payments in case of more serious sanctions. After the start of a full-scale war, it had to be made the main one: from October 2023, Russian banks are obliged to make all internal payments through the SPFP.

According to the Central Bank of the Russian Federation, as of the beginning of 2024, the SPFP had 556 Russian and foreign users. Of them, 159 are foreign from 20 countries, including 58 banks, including from China, Belarus, Armenia, Tajikistan and Kazakhstan. Джерело: https://biz.censor.net/n3496532