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VTB bank head Kostin proposed entire banking system to get configured to sanctions regime
Kostin named transactions in the currencies of “friendly” countries and settlements based on national currencies as the first two features of a new international payments scheme intended to sidestep the SWIFT system.
“First, payments in “friendly” currencies: the ruble, first of all, and other currencies such as yuan, tenge, dirham. We also need a payment system to sidestep SWIFT. We need to move away from this. We have the Financial Messaging System and we should use this instrument, create a payment system based on national currencies and, I repeat, “non-swift” communication systems,” Kostin said. “A new era of development of our banking sector is coming, first of all, insofar it concerns its integration into the global financial system.”
45% of Russia's trade volume accounts for friendly countries already, he added.
“We must immediately get geared to a sanctioned banking system. The division into sanctioned and non-sanctioned types is, in my opinion, very unsteady and very illusory. Because today you can take any non-sanctioned system, and tomorrow it will be turned into a sanctioned one with a single click.