Russia, Trade Partners Build Alternative Payments Systems Circumventing US Dollar
New currencies and financial systems are being built to circumvent Western economic pressure on Moscow.
https://sputnikglobe.com/20240902/russia-trade-partners-build-alternative-payments-systems-circumventing-us-dollar-1119982976.html
Russia, facing intensified Western economic aggression, is strengthening alternative currencies and payment systems to reduce reliance on the US dollar. Moscow has been developing its financial systems since 2014 to bypass Western sanctions and is now utilizing its SPFS messaging system instead of SWIFT. Collaboration with China and India's financial systems is expanding, threatening SWIFT's dominance. Integration with Iran's Shetab system and the development of central bank currencies and cryptocurrencies further bolster Russia's economic resilience. Exploring economic barter with China and other countries reflects a strategic move reminiscent of the Soviet era, aiming to mitigate the impact of Western sanctions on Russian economy.