SWIFT system is discredited and becoming archaic – Kommersant

Russian President Vladimir Putin, speaking at the VTB forum “Russia Calling!”, said that the Western financial system has rested on its laurels for too long and, as a result, has become outdated, now becoming archaic. According to him, SWIFT is discredited and is being replaced by payments in national currencies.

The Russian president accused the West of destroying the system of financial, trade, and economic relations, “which was built over decades, including and primarily by the West itself.” In his opinion, the financial infrastructure, which was based on dollars and euros, was discredited, and payments were carried out only through Western banks and the SWIFT system. Mr. Putin believes that today its place is successfully taken by the system of payments in national currencies.

“The Western financial system is clearly becoming outdated in terms of technology. It rested on its laurels for so long, became so accustomed to monopoly and exclusivity, to the lack of real alternatives, to the habit of essentially not changing anything, that it became archaic. In any case, it is becoming archaic. Cross-border payments are increasingly using much more advanced solutions, including those based on blockchain and central bank digital currencies. According to experts, in the coming years this will lead to a real revolution that will finally undermine the monopoly of large Western banks,” said Vladimir Putin.

VTB Forum “Russia Calling!” will take place December 7-8 at the World Trade Center. The main theme of the forum is “Life without globalization: uniting sovereign economies.” The forum has been held since 2009. It did not take place in 2022; in 2021 it was held online.