18:33, 29 September 2022 Page views 545 views

VTB bank head Kostin proposed entire banking system to get configured to sanctions regime

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Kostin named transactions in the currencies of “friendly” countries and settlements based on national currencies as the first two features of a new international payments scheme intended to sidestep the SWIFT system.

 “First, payments in “friendly” currencies: the ruble, first of all, and other currencies such as yuan, tenge, dirham. We also need a payment system to sidestep SWIFT. We need to move away from this. We have the Financial Messaging System and we should use this instrument, create a payment system based on national currencies and, I repeat, “non-swift” communication systems,” Kostin said. “A new era of development of our banking sector is coming, first of all, insofar it concerns its integration into the global financial system.”

45% of Russia's trade volume accounts for friendly countries already, he added.

 “We must immediately get geared to a sanctioned banking system. The division into sanctioned and non-sanctioned types is, in my opinion, very unsteady and very illusory. Because today you can take any non-sanctioned system, and tomorrow it will be turned into a sanctioned one with a single click.