Oreshkin Says Russia Has Fully Shifted to an Alternative International Settlement System
Published
Economist Oreshkin stated that Russia has fully switched to an alternative international settlement system. According to him, this process began after 2022, when many Western banks disconnected Russian organizations from the SWIFT system. Now, settlements between Russia and its partners are carried out through other channels.
In recent years, Russian banks and companies have actively used national payment instruments. For example, the System for Transfer of Financial Messages (SPFS), created by the Bank of Russia as an analogue of SWIFT, is in operation. The use of Mir cards and national currencies in settlements with trading partners is also expanding. In addition, many transactions are conducted in yuan and other currencies of countries with which Russia is developing economic ties.
According to Oreshkin, such a transition makes it possible to maintain the stability of foreign trade, even under sanctions. He noted that the new mechanisms continue to develop and market participants are gradually getting used to working under the new conditions. However, experts say that some problems remain, such as higher costs for transfers and difficulties with settlements in certain areas.
Overall, Oreshkin's statement shows that Russia continues to change the international payments system. The further development of these mechanisms will depend on agreements with partners and on how quickly banks and enterprises can adapt to the new rules.
Sources: TKS.RU
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