Russia Finance Minister Anton Siluanov says sanctions imposed after Ukraine invasion destroy foundation of existing system based on US dollar
The Russian government has urged the BRICS group of emerging economies, which consists of which Brazil, China, India, Russia and South Africa, to extend the use of national currencies for import-export operations and integrate payment systems.
Following its invasion of Ukraine on February 24, Russia has been hit by unprecedented Western sanctions that have cut it off from the global financial system and from nearly half of its gold and foreign exchange reserves, which stood at $606.5bn in early April.
Meanwhile, international payment cards Visa and MasterCard suspended operations in Russia in early March and Russia’s biggest banks have also lost access to the SWIFT global banking messaging system.
Russian Finance Minister Anton Siluanov on Friday told a ministerial meeting with BRICS that the global economic situation had worsened substantially due to the sanctions, a statement from his ministry said on Friday.
Meanwhile, international payment cards Visa and MasterCard suspended operations in Russia in early March and Russia’s biggest banks have also lost access to the SWIFT global banking messaging system.
Russian Finance Minister Anton Siluanov on Friday told a ministerial meeting with BRICS that the global economic situation had worsened substantially due to the sanctions, a statement from his ministry said on Friday.
Russia set up its own banking messaging system, known as SPFS, as an alternative to SWIFT. Its own card payment system MIR began operating in 2015.
They were part of Moscow’s efforts to develop homegrown financial tools to mirror Western ones, to protect the country in case penalties against Moscow were broadened
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