MOSCOW, August 10. /TASS/. Russian President Vladimir Putin gave a positive assessment to what VTB Bank is doing in its cooperation with the Central Bank to promote foreign trade payments, including in national currencies, at a meeting with VTB CEO Andrey Kostin.
In particular, the head of state suggested discussing issues related to "organizing a system of payments for foreign trade transactions, to the transition to national currencies, and so on." "I know you have worked thoroughly on this aspect, including with the Bank of Russia," the Russian leader said.
In his turn, Kostin noted that "the proactive development of bilateral settlements" with countries in Asia, the Middle East and Africa" has been observed in recent months. National systems are coming in to replace SWIFT and "it is important that they be able to interact with each other," the chief executive said. Russia is now promoting the idea of creating a settlement and depository hub to replace Euroclear, the chief executive said.
"I think we will see a rapid transition to payments in national currencies this year and next year in countries, as we call them, of the Global South - that is, in developing economies, in states that are friendly to us. Certainly, we are working very closely on that," the VTB chief said.