Siluanov spoke about the creation of a SWIFT analogue by the BRICS countries

The organization will also be more actively involved in the creation of an independent rating agency, the integration of payment systems and the use of national currencies for export-import operations. Siluanov stressed that the new restrictions on Russia were destroying the foundations of the international monetary and financial system based on the dollar and threatening a serious crisis. Nevertheless, the BRICS countries have all the tools to mitigate its consequences for themselves and the world economy, according to the head of the finance department.

According to Siluanov’s forecast, the rise in food and raw material prices caused by sanctions will affect poor countries. “Settlement bans, disruption of production and supply chains, export controls and import bans – all of these restrictions affect the global economy,” the minister added.

At the beginning of March, the EU disconnected 7 Russian banks from the international interbank SWIFT system – VTB, Rossiya Bank, Otkritie, Novikombank, Promsvyazbank, Sovcombank and VEB. RF. On April 8, the bloc announced that it had completely frozen the assets of four organizations on the list with the intention of “completely cutting them off from EU markets”.

Elliot Frost

"Pop culture maven. Analyst. Writer. Wannabe food evangelist. Organizer. Friendly internet lover. Incurable troublemaker. Entrepreneur."

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