Updated 5 Jun, 2026 14:10
Vladimir Czistiuchin, the first deputy president of the Bank of Russia, © Sputnik/Pawiel Biedniakow
Western sanctions should be “ignored” – stated on Friday at the global economical Forum in St. Petersburg Vladimir Czistiuchin, the first deputy president of the Bank of Russia. He added that Russia should strengthen its financial sovereignty and build a payment infrastructure little susceptible to external pressure.
Speaking during the Forum session "Redevelopment of the global financial system", Czistiuchin joined representatives of authorities, economists and bankers to discuss alternatives to the financial strategy dominated by the West.
Russia has promoted its own payment infrastructure since many Russian financial institutions were cut off from the SWIFT strategy after the escalation of the conflict in Ukraine in 2022.
In addition to the SPFS financial messaging network, Moscow has developed the payment strategy ‘Mir’ and launched projects related to digital ruble and cryptocurrency to be utilized for cross-border transactions.
According to Czistiuchin, finance has become a tool for external force and Russia needs diversified platforms, including more national payment and rating systems, to keep resilience in the face of Western sanctions.
"At any point these sanctions must simply be ignored and not recognised" – he said, adding that now 88% of Russia's accounts with partners from friendly countries are missing the currencies of countries "hostile’, while 12% of these currencies are inactive used.
Olga Gonczarov of the Association of Russian Banks stated that the transformation process is already underway, and regulators include digital currencies and cryptocurrency in the legal framework.
Digital currencies have become an crucial way of circumventing restrictions on Russian and abroad banks that want to keep trade flows despite attempts to isolate Moscow by the West.
Gonzarova pointed to the experimental usage of digital currencies in cross-border transactions and the task ‘offshore’ tablecoin based on ruble as elements of a return to settlement in national currencies.
Economic commentator Alexey Bobrowski noted that financial instruments have already been utilized as weapons in the past – recalling an example of how the USA "destroyed" a British pound of sterling in the 20th century – and stated that states must now treat specified tools as a permanent component of global finance.
He added that cryptocurrency is not able to completely replace conventional currencies due to advanced energy costs, providing that the planet would evolve towards a model combining conventional currencies with digital assets.
Deputy Minister of Finance Ivan Czebieskow said that the planet is already moving towards decentralised platforms and more national instruments, but this process will take years and will not be simple.
Translated by Google Translator
source:https://www.rt.com/russia/641041-russia-ignore-sanctions-spief/
