The Bank of Russia does not see the risks of disconnecting Russia from international payment systems. First Deputy Chairman of the Bank of Russia Olga Skorobogatova stated this at a briefing.
“If we talk about the current situation, I think that it is quite calm. We do not see any risks of disconnection from international payment systems. I think that international payment systems themselves are extremely unprofitable,” Skorobogatova said.
The representative of the Central Bank of Russia recalled that Russia has purposefully and systematically prepared domestic analogues of Western payment systems in recent years, capable of operating both in the domestic and foreign markets.
Russia has the following analogues of Western payment systems:
- The National Payment Card System (NSPK) is an analogue of VISA and MasterCard. At the moment, the salaries of the Russian military, law enforcement agencies, all state and municipal bodies have been transferred to it. For all other citizens and companies, the choice of the system is completely voluntary.
- The Financial Messaging System is an analogue of international SWIFT. Operational management and control is provided directly by the Central Bank of Russia. At the moment it works in the domestic market of Russia due to the convenience for international partners of working with SWIFT.
- The Fast Payment System (FPS) is the second alternative channel for payment without using bank cards, tied to a person’s ID by phone number and other identifying data. This system is presented as one of the most progressive in the world. And most importantly, all payments are made instantly.
Skorobogatova pointed out that these three segments of the payment infrastructure can provide the Russian market with uninterrupted operation of services, as well as services for citizens and businesses in competition with other players, including international payment systems.
Russian Foreign Minister Sergei Lavrov said this week that Russia is seeking to work with foreign partners to move away from the use of the dollar in mutual settlements and switch to either national or alternative currencies. In addition, Lavrov admitted the possibility of abandoning Western-controlled payment systems.
On the eve, the presidential press secretary Dmitry Peskov also did not rule out the restriction of the use of Visa and Mastercard systems in Russia. According to him, anti-Russian sanctions are a rather unpredictable process.
“Therefore, within the framework of this process, taking into account such unfriendly, and sometimes even hostile forms of behavior towards us, nothing can be ruled out,” Peskov noted.