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Global

Russia Plans to Use Digital Rouble in Settlements with China, Says Lawmaker

After launching a digital rouble early next year, Russia plans to use the currency in mutual settlements with China as it seeks to reduce Washington’s global financial hegemony, a senior Russian lawmaker said on Monday. Russia, like many countries, has been developing digital money over the last couple of years to modernise its financial system, […]
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Global

Russia Moves From SWIFT to More Secure Mechanisms

The Deputy Minister of Foreign Affairs of Russia Alexander Pankin revealed that the Bank of Russia is actively developing the Financial Message Transmission System. Russia believes that a gradual shift from the SWIFT interbank payment system to more secure channels for sending financial information protected from external pressure is necessary, according to Russia’s Deputy Foreign […]
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Companies

Russia Central Bank Will Not Name Banks Linked to SWIFT Alternative

“Russia’s central bank said on Tuesday it would no longer publish the names of banks connected to Moscow’s alternative to the SWIFT payments network, as Russia grapples with sanctions. Several Russian banks have been banned from SWIFT after Moscow began what it calls “a special military operation” in Ukraine on Feb. 24 as part of […]
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Global

Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments

“The Ministry of Finance of Russia recently submitted to the government an updated version of its bill “On Digital Currency” designed to comprehensively regulate the country’s crypto market. Details about the law’s provisions have surfaced in Russian media reports this week. According to the draft, qualified investors, or “professional purchasers of digital currency” as they […]
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Global

Citigroup Pushes Through Russia’s $117 Million Coupon Payment

“Citigroup Inc. has processed the $117 million Russia transferred to pay two bond coupons, and has sent the cash further along the payment chain, according to a person familiar with the matter. The funds are no longer with Citigroup, the person said, declining to be identified because they aren’t authorized to speak publicly on the […]
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Global

Russia’s Mir Card Payment System Connects to Apple Pay

“Russia’s card payment system Mir, which was set up in 2015 after the West imposed sanctions on Moscow, is now connected to Apple Pay, the card issuer said on Tuesday. More than 95 million Mir cards have been issued by Russia’s National Card Payment System (NSPK), accounting for about a third of Russia’s card market […]
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Global

Mir Breaks Visa-Mastercard Duopoly in Russia

“As Europe’s proposed alternative to Visa and Mastercard takes shape, evidence from Russia suggests that an upstart rival can break the American giants’ duopoly – if government is prepared to put its finger on the scale. The European Central Bank has long-floated the idea of a home-grown cross-border scheme capable of taking on Visa and […]

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