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
7 Dec, 2023 14:57

Western banking dominance will end – Putin

New technologies are threatening an archaic financial system, according to the Russian president
Western banking dominance will end – Putin

The Western financial system is becoming outdated because of new technologies and could lose its dominant global position in the near future, Russian President Vladimir Putin said on Thursday.

Addressing the VTB Investment Forum in Moscow, Putin pointed out that modern tech solutions, such as blockchain, are increasingly being used in international payments.

“According to experts, in the coming years this will lead to a real revolution that will finally undermine the monopoly of large Western banks,” Putin said, noting that some of those financial institutions are currently “not in the best condition.” 

The Russian president added that the interbank messaging system SWIFT has been discredited because it cut off Russian banks and is being replaced by payments in national currencies.

Global economic relations are changing, and the previous model of globalization is being replaced by a multipolar model, according to Putin.

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

Podcasts
0:00
21:28
0:00
25:7