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Russia Develops Alternative to SWIFT System to Diversify Financial Infrastructure and De-dollarize Its Economy

Russia is working to develop an alternative to the SWIFT system in order to create a more independent financial architecture and de-dollarize its economy. The country is collaborating with other nations to create a national payment system that is not reliant on SWIFT.

Russia recognizes the importance of an independent financial settlement infrastructure for stable growth in trade and investment. This initiative comes as a response to escalating Western sanctions and the exclusion of Russian banks from SWIFT.

Russia is also emphasizing cooperation within the context of Islamic banking and is exploring alternative solutions such as blockchain-based alternatives and stablecoins.

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