VTB Bank Head Calls for the Demise of SWIFT
Andrei Kostin, the head of VTB Bank in Russia, has expressed the need to “kill” the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the standard messaging system for fiat payments. Kostin believes that the actions of the United States and its use of the dollar have created concerns in other countries, leading them to seek alternatives to the SWIFT system.
Kostin’s Demand for Change
Kostin, who leads one of Russia’s largest banks, acknowledged that eliminating SWIFT would require a collective effort from other nations. During the International Banking Forum in Sochi, Kostin stated that “certain actions” would be necessary within individual countries to bring about this change.
The Weaponization of the Dollar and Pursuit of Alternatives
Kostin highlighted how the U.S. currency has been weaponized against Russia and other countries, prompting nations to reduce their reliance on the dollar and explore alternative options such as national currencies. He emphasized that countries have recognized they could be targeted next.
Russia, facing Western sanctions, has already started shifting towards settling trades in national currencies with friendly nations. The country is actively seeking alternatives to SWIFT, as confirmed by Russian Finance Minister Anton Siluanov during the Moscow Financial Forum. Siluanov revealed that discussions about creating an alternative to SWIFT would take place at the upcoming BRICS summit.
Hot Take: A Call for Change in Global Banking Systems
Andrei Kostin’s demand for the demise of SWIFT underscores a growing sentiment among nations seeking alternatives to traditional global banking systems dominated by Western powers. The weaponization of currencies and imposition of sanctions have prompted countries like Russia to explore new avenues for conducting cross-border transactions. As the search for alternatives intensifies, it is evident that the existing financial landscape may undergo significant transformations in the near future. The push for change is driven by a desire to establish more independent and inclusive systems that cater to the needs of all nations, ensuring greater financial sovereignty.
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