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SWIFT’s Monopoly in the Global Market is Approaching its End: Matvienko

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The head of the Federation Council, Valentina Matvienko, said that the long-term monopoly of the SWIFT system on the world market will soon become a thing of the past.

Matvienko explained that the development of new global financial systems, similar to the system of Sberbank of Russia, will accelerate this process.

In the same context, German Gref, chairman of the board of directors of Sberbank of Russia, said that “the capabilities of Russian financial institutions, including Sberbank, can be used to form a secure and stable financial system for international settlements.”

Matvienko pointed out that Sberbank has begun to form this system, and treats this issue objectively, expressing the hope that the SWIFT system will become a thing of the past in the near future.

Source: News

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