Since 2014, Russia has been working on its own payment system. This system already exists, he said. We all use the MIR card. It is also accepted in a number of neighboring countries and in Turkey. Negotiations are also underway with other partners, he explained.
In recent years Russia has pursued talks with other countries - notably China, India, Iran and Turkey - over establishing major alternatives to the Belgium-based SWIFT system. It began pursuing alternatives in earnest particularly after it was hit with Western-led sanctions after 2014, and is more recently said to be experimenting with blockchain-based solutions.
It was only in late April that European lawmakers passed a resolution which enabled future severe retaliatory measures if Russia takes offensive actions against neighboring Ukraine, including booting the country from SWIFT.
Russian banks may be blocked from using SWIFT, a payment system that enables reliable and secure financial transactions, as part of restrictions against Moscow, in what one official has called a potential "spiral of sanctions." "It's no secret.
Russian banks may be blocked from using SWIFT, a payment system that enables reliable and secure financial transactions, as part of restrictions against Moscow, in what one official has called a potential “spiral of sanctions.”
Experts discuss consumer rights protection in EAEU, CIS
MINSK, 18 December (BelTA) - The 18th meeting of the CIS Advisory Council on Consumer Rights Protection was held at the Russian Federal Service for Surveillance on Consumer Rights Protection and Human Well-Being (Rospotrebnadzor) on 17 December, BelTA learned from the Economic Cooperation Department at the CIS Executive Committee.
The meeting was attended by members of the advisory council from Belarus, Azerbaijan, Armenia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Uzbekistan, and representatives of the CIS Executive Committee, the Eurasian Economic Commission and public associations in the field of consumer rights protection of the CIS countries.