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Russian president calls for SWIFT alternative

Putin says new financial platform should be out of state jurisdiction

Russian President Vladimir Putin has called for a new independent financial platform for international payments, stressing that such a network is certain to emerge but will require multinational efforts.

Moscow has promoted its own domestic payment system as a credible alternative to SWIFT since many of its banks were disconnected from Western financial networks earlier this year.

“Russia considers the process of establishing a new international financial platform inevitable. must be independent from Putin said at a meeting of the Valdai Discussion Club on Thursday.

He pointed out that the global economy should be more open and unbiased, and that an alternative, decentralized financial system would eliminate the possibility of manipulating the global financial infrastructure and make international transactions more efficient. It will enable profitable and secure payments in the future, he added.

read more: Putin Explains Western Economic Model

Russia’s SPFS interbank messaging system was created in late 2014 in response to the first wave of sanctions against Ukraine. This ensures the transfer of financial messages between domestic and foreign banks.

Moscow has also accelerated its efforts to move from US dollars and euros to payments in its own currency.

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