icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
23 Oct, 2019 13:17

One of Russia’s top banks suggests expanding non-dollar settlements with African countries

One of Russia’s top banks suggests expanding non-dollar settlements with African countries

The head of Russia’s VTB Bank Andrey Kostin said the expansion of non-dollar payments between Russia and the countries of Africa will help to reduce the risks for the financial systems of those countries.

“Unfortunately, we are living in an era of such geopolitics that we have real risks to the financial system. Therefore, we propose to expand the practice of non-dollar settlements, including in rubles, and other currencies, as well as the establishment of alternative payment channels to SWIFT for the smooth execution of transactions,” Kostin said at the plenary session of the Russia-Africa economic forum in Sochi.

Also on rt.com Turkey embraces Russia’s national payment system credit card Mir

He suggested working together on the measures to protect the financial system of Africa, citing as an example the Russian Mir card, which is already being accepted in a number of countries.

“We know that African countries are also experiencing sanctions pressure… Therefore, we propose specifically working on these measures,” Kostin said.

For more stories on economy & finance visit RT's business section

Podcasts
0:00
23:13
0:00
25:0