The chief executive officer of Russia’s second-largest bank emphasized the necessity of shifting away from Western payment systems like SWIFT , stating that it is crucial for Russia and its trading partners.
Addressing the Data Fusion 2024 conference on Thursday, April 18, Andrey Kostin, CEO of Russia’s third-largest bank VTB, advocated for the advancement of digital financial settlements within Russia and its allied nations, and a shift away from Western-controlled transaction settlement platforms like SWIFT. He argued that such a move would diminish the dominance of the dollar and enable full sovereignty in the financial sector.
Kostin asserted, “We need to eliminate SWIFT from our settlements entirely and engage our partners in this endeavor.”
He highlighted significant efforts undertaken by the Central Bank of the Russian Federation to achieve this objective. VTB is presently involved in a pilot project aimed at integrating a digital version of the country’s currency, the digital ruble, […]
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