Venezuela and Russia analyze creating an alternative financial system Swift

The central banks of Venezuela and Russia are working on an alternative international system to Swift

The Venezuelan Foreign Minister, Yván Gil, reported on Tuesday that they are working together with the Russian central bank to create an alternative financial system for international payments.

According to Gil, the objective is to find an alternative to the global Swift system, which works with the dollar as the currency for transactions, and which has expelled Russian banks since the start of the war with Ukraine more than a year ago.

In a press conference in Caracas, the capital of the South American country, together with his Russian counterpart Sergei Lavrov, the Venezuelan foreign minister indicated: “The technical teams of the Central Bank of Venezuela and the Bank of Russia (…) are working (in) the exchange of financial messages to go to a system where we free ourselves from the hegemonic dollar as a regulator of commercial transactions.”

The Swift system (Society for Worldwide Interbank Financial Telecommunication) is used by 11,000 banks in 200 countries to execute transfers. In 2022 this system excluded Russian banks in response to the position of the United States and Europe to the war with Ukraine.

Gil also indicated that they are advancing in the launch of the payment mechanism with the MIR card, to allow Russian tourists “to consume in Venezuela under a direct system without going through the large transnationals.”


Source: Swissinfo

(Reference image source: file)

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