Russia working on financial system independent from SWIFT: Putin

TEHRAN, Nov. 28 (MNA) – Russian President Vladimir Putin said that Moscow is working with its major partners to create financial systems that are not dependent on the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

He made the remarks on Wednesday at the 10th annual ‘Russia Calling’ Investment Forum in Moscow.

“We are actively working with some countries, with our partners on trade and economy, on setting up systems that would be independent of SWIFT”, Sputnik quoted him as saying.

The Russian president didn't specify which countries he was referring to. However, Russian companies earlier signed a cooperation agreement on the issue with Iranian firms following the exclusion of Iran from SWIFT due to US sanctions.

Elsewhere, touching upon the need to ditch dollar, he added, “we do not have the goal to move away from the dollar, we are forced to do this. Let me assure you, we will do this… We just do not want to do anything sudden that would hurt us… We have no goal to leave the dollar, it is the dollar that is leaving us.”

The Russian president added that the ‘lack of stability in dollar transactions causes many of the world's economies to look for alternative reserve currencies and set up payment systems independent from the dollar’.

SPUTNIK/MNA

News Code 140019

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