Putin predicts end of Western banking dominance


(MENAFN) Russian President Vladimir Putin has asserted that the Western financial system is on the brink of losing its dominant global position due to the influence of new technologies. Speaking at the VTB Investment Forum in Moscow, Putin highlighted the increasing adoption of modern tech solutions like blockchain in international payments, predicting a revolutionary shift in the coming years that will challenge the monopoly of large Western banks.

According to Putin, some of these financial institutions are currently facing challenges and are "not in the best condition." He pointed to the discrediting of the interbank messaging system SWIFT, which cut off Russian banks, as a significant development. Putin noted that SWIFT's role is being replaced by payments in national currencies, marking a shift in global economic relations.

The Russian president emphasized that the evolving landscape is indicative of a broader transformation in global finance. The traditional model of globalization is giving way to a multipolar model, reflecting changing dynamics in economic relationships worldwide.

As technology continues to reshape the financial landscape, Putin's remarks offer insights into the potential challenges and opportunities facing the Western banking sector. The predicted revolution in international payments and the diminishing influence of large Western banks underscore the need for adaptation in the rapidly changing global financial environment.

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