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Russian banks help Latin America get around payment restrictions — chamber of commerce

"International payments are ultimately controlled by the SWIFT system, and although Latin America has not imposed sanctions against Russia, this is a challenge and a difficult," Domingo Garcia said

ST. PETERSBURG, June 18. /TASS/. Russian banks offer Latin American banks assistance in making international payments bypassing restrictions related to the SWIFT system, which helps minimize the costs of Russia's cooperation with the region amid Western sanctions, President and founder of the Latin American Chamber of Commerce in Russia Domingo Garcia told TASS.

"There are some difficulties with logistics and secondary sanctions, for example, concerning the banking system. International payments are ultimately controlled by the SWIFT system, and although Latin America has not imposed sanctions against Russia, this is a challenge and a difficulty," he said on the sidelines of the St. Petersburg International Economic Forum (SPIEF). "The good news is that Russian banks respond positively, help us in it, offer to act as payment intermediaries," the official explained.

The St. Petersburg International Economic Forum (SPIEF) is taking place on June 18-21. This year, the event is held under the theme "Shared Values: The Foundation of Growth in a Multipolar World." The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, the Drug Security Forum, and the Roscongress Urban Hub discussion platform. As part of the cultural program, the Petersburg Seasons festival will be held, and the SPIEF Sports Games will take place. The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its information partner.

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