Russian banks can do without the international SWIFT system, as the platform does not provide reliable services to credit institutions. This was stated by VTB Head Andrey Kostin.
SWIFT has shown that it cannot provide equitable and, most importantly, stable and reliable service to banks.
According to Kostin, Western financial institutions will restore relations with Russia in the future, but now the country is actively trading with other countries, using national currencies for settlements.
The Head of VTB emphasized the importance of developing a new payment system. It must meet modern requirements. Kostin called for cooperation with partners to create new financial markets.
SWIFT is an international system that unites about 10,000 financial institutions in more than 200 countries. After the introduction of sanctions, it lost its status as the main financial channel for Russia, where the System for Transfer of Financial Messages of the Central Bank of the Russian Federation (SPFS), which is an analogue of SWIFT, is now actively used.
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