Russia Introduces Payment Systems That Work Beyond Western Control Russian banks and their foreign partners are already processing international payments without relying on Western financial systems, Kremlin Deputy Chief of Staff Maxim Orshkin told President Vladimir Putin at the Russia-Africa Forum in Moscow. "Just five years ago, we, like many countries, relied mainly on the dollar and the euro for foreign trade," Orshkin said, adding that Russian banks and their foreign partners now use digital technologies and non-bank financial institutions to process international payments. Finance Minister Anton Siluanov highlighted the Russian company A7, which is preparing to offer cross-border payment services in Africa, with transactions processed "with one click" for a fee of only 0.3%. "No one can cut you off. From a technological point of view, it is impossible to block such payments," said Putin, who described the system as sovereign, transparent and capable of instantly converting traditional currencies to digital currencies.

Russia Introduces Payment Systems That Work Beyond Western Control Russian banks and their foreign partners are already processing international payments without relying on Western financial systems, Kremlin Deputy Chief of Staff Maxim Orshkin told President Vladimir Putin at the Russia-Africa Forum in Moscow. "Just five years ago, we, like many countries, relied mainly on the dollar and the euro for foreign trade," Orshkin said, adding that Russian banks and their foreign partners now use digital technologies and non-bank financial institutions to process international payments. Finance Minister Anton Siluanov highlighted the Russian company A7, which is preparing to offer cross-border payment services in Africa, with transactions processed "with one click" for a fee of only 0.3%. "No one can cut you off. From a technological point of view, it is impossible to block such payments," said Putin, who described the system as sovereign, transparent and capable of instantly converting traditional currencies to digital currencies.