Russian and Turkish financial institutions on Monday discussed the prospects of employing Russia's equivalent of SWIFT banking messaging system
MOSCOW (Pakistan Point News / Sputnik - 24th August, 2020) Russian and Turkish financial institutions on Monday discussed the prospects of employing Russia's equivalent of SWIFT banking messaging system.
According to the Central Bank of Russia (CBR), the tenth Russian-Turkish Working Group Banking and Financial Cooperation took place with the participation of representatives of the Turkish Central Bank, the Turkish Trade Ministry and the Russian National Payment Cards System (NPCS). The Mir Payment System was among the issues under discussion.
"The meeting participants discussed the possibility of connecting Turkish credit institutions to the financial messaging system of the Bank of Russia," the CBR statement read.
The Russian side noted that two nations have successfully employed the Mir Payment System and have supported further activity through it.
The payment system was developed by Russia to abate threats by the United States to disconnect it from the dominant SWIFT. By early 2020, nearly 400 entities were registered in the system as the system's international acceptance gradually grows.
The US disconnected Iranian companies and institutions as it reimposed sanctions over Iran's nuclear program, leaving the country unable to wholly interact with global trade systems with Western and East Asian countries.
