In an interview with Sputnik news agency on April 13, Deputy Foreign Minister Alexander Pankin announced that Russia would seek a solution if disconnected from the SWIFT international payment system, but that Moscow was still using the system. “Russia has not given up on SWIFT, but if disconnected, we will use other payment systems,” said Deputy Minister Pankin.

Russia supports restricting the use of Western-controlled payment systems, Foreign Minister Sergey Lavrov said. Photo: Tass

Deputy Minister Pankin also stated in an interview on Sputnik, Russia does not rule out the formation of a system on the basis of new technology as an alternative to SWIFT.

Earlier, in an interview with the IRNA news agency (Iran) on April 12, Foreign Minister Sergey Lavrov said that Russia supports the gradual abandoning of the USD in transactions with partners, as well as limiting the use of Western-controlled payment systems.

According to Mr. Lavrov, these steps are aimed at minimizing the risks caused by U.S. and Western sanctions, while reducing the potential cost to domestic business.

Many major media companies reported that Russia could be disconnected from the SWIFT international payment system as part of tougher sanctions from the West.

Also related to this issue, The President of the Association of Market Participants of Money and Cryptocurrencies Viktor Dostov asserts, Russia is capable of dealing with the risk of not being connected to Western-controlled payment systems.

“Being disconnected from Western-controlled payment systems may have some effect, but Moscow will deal with such sanctions by switching to full use of the Mir national payment system,” Tass news agency quoted Mr Dostov as quoting.

However, expert Dostov noted that the use of the Mir payment system abroad will likely be limited.