(MENAFN) During the Data Fusion 2024 conference, Andrey Kostin, CEO of VTB, Russia's second-largest lender, underscored the necessity for Russia and its trading partners to shift away from reliance on Western payment systems, particularly SWIFT. Kostin emphasized the importance of promoting digital financial settlements within Russia and allied nations, asserting that this transition would diminish the dominance of the dollar and ensure full sovereignty in the financial sector.
Kostin articulated his call to "kill SWIFT" in settlements, advocating for a complete departure from the system and the inclusion of partners in this strategic shift. He commended the Bank of Russia's efforts to achieve this objective, highlighting ongoing initiatives to bring the digital ruble into widespread use, including in cross-border transactions.
Furthermore, Kostin lauded the Central Bank of Russia's decade-long endeavors to establish an autonomous financial system, particularly in reducing reliance on foreign components in critical sectors. He referenced achievements such as the Mir card, the Faster Payments System (SBP), and the country's robust stock exchange infrastructure as manifestations of this strategic vision.
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