VTB CEO Kostin said SWIFT was unnecessary

Nobody needs the SWIFT international banking system anymore, Russia and other countries have modern payment systems. This was announced on March 19 by the head of VTB Andrey Kostin.

"Let's take SWIFT: no one needs it anymore. We and other countries have modern systems, we just need to continue developing them," Kostin told Expert magazine.

He added that it may be easier for exporters to settle in dollars, so if sanctions are eased, there may be a "rollback to old methods." Kostin also noted that Russia will not be paying in dollars and euros again in the near future.

"We will continue to develop parallel markets, and I do not think that our achievements here will depreciate or fade," concluded the head of VTB.

In January, Kostin said that only administrative solutions were needed to replace SWIFT. He noted that, taking into account the prospects that open up with the development of the North–South corridor, the SPFS system developed by the Central Bank of Russia (CBR) is becoming increasingly relevant.