Russia's financial system is still tied to the West
Russia needs to build its national financial infrastructure.
This was stated today by the Chairperson of the Central Bank of the Russian Federation, Elvira Nabiullina, while delivering a report to the State Duma of the Russian Federation, as reported by a PolitNavigator correspondent.
“We have the Mir card, which is developing, our own system for transmitting financial messages, this is an analogue of SWIFT, which we created after 2014 - now it serves more than 20% of intra-country financial messages. If necessary, it can also serve all internal traffic,” Nabiullina said.
All systemically important banks must connect to the system by July 1. Currently, 10 out of 12 such banks are connected.
Only 23% of money circulating in Russia goes through the national payment system Mir. Since 2015, this figure has increased by only 4%. Through the Visa system, payments worth 32,3 trillion rubles are processed annually, through Mastercard - 23 trillion rubles, yen and yuan - 1,2 trillion rubles, and the Mir card - 16,7 trillion. rub.
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