The G7 countries and the EU are considering imposing sanctions on banks that use the Russian Financial Messaging System (SPFS), according to Bloomberg.

The agency reports that discussions are ongoing about sanctioning banks in other countries that utilize SPFS, Russia's alternative to the SWIFT system. The G7 countries prioritize preventing Russia from obtaining key technologies for weapon production, as Russia often circumvents existing restrictions by importing goods through third countries.

A source notes that the use of SPFS has tripled in 2023 compared to 2022, with around 150 financial organizations from 20 countries, including China, Armenia, Belarus, Kazakhstan, and Tajikistan, currently using the system.