In Russia, they are working on replacing the SWIFT system

Russian authorities are working to abandon the SWIFT international financial messaging system amid sanctions and the disconnection of a number of Russian banks from it.

This was announced by Maksim Oreshkin, assistant to the President of Russia on economic issues, Voice of America reports.

“With SWIFT, it is very simple: we will make it so that there will be no need for it. We are now concentrating on making external economic activity as comfortable as possible,” he said.

Next week, the authorities of the Russian Federation will meet with representatives of Turkiye to discuss the payment settings. Oreshkin added that innovative ideas that could "dramatically change the situation" are also being discussed with China.

• Due to the large-scale invasion of Russian troops in Ukraine, sanctions were imposed on the Russian Federation, which provide for the disconnection of banks from SWIFT. VTB, Otkritie, Novykombank, Promsvyazbank, Rossiya, Sovkombank and VEB (Vnesheconombank), Sberbank, Rosselkhozbank and others fell under these sanctions.