One of Russia’s top banks suggests expanding non-dollar settlements with African countries

The head of Russia’s VTB Bank Andrey Kostin said the expansion of non-dollar payments between Russia and the countries of Africa will help to reduce the risks for the financial systems of those countries.

“Unfortunately, we are living in an era of such geopolitics that we have real risks to the financial system. Therefore, we propose to expand the practice of non-dollar settlements, including in rubles, and other currencies, as well as the establishment of alternative payment channels to SWIFT for the smooth execution of transactions,” Kostin said at the plenary session of the Russia-Africa economic forum in Sochi.

He suggested working together on the measures to protect the financial system of Africa, citing as an example the Russian Mir card, which is already being accepted in a number of countries.

“We know that African countries are also experiencing sanctions pressure… Therefore, we propose specifically working on these measures,” Kostin said.

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