Jasem Mohamed Albudaiwi, secretary-general of the Gulf Cooperation Council (GCC), denied on Monday having any knowledge of Russia's plans to create a SWIFT rival with a head office in one of the Gulf Arab states
MOSCOW (Pakistan Point News / Sputnik - 10th July, 2023) Jasem Mohamed Albudaiwi, secretary-general of the Gulf Cooperation Council (GCC), denied on Monday having any knowledge of Russia's plans to create a SWIFT rival with a head office in one of the Gulf Arab states.
Russian lender VTB proposed last week setting up a new financial messaging system for banks that would rival Belgium-based SWIFT and allow them to bypass Western curbs. Russian central banker Elvira Nabiullina backed the proposal.
"We in the GCC General Secretariat have not received any proposals to this effect from VTB or discussed it within the Council... Frankly speaking, it is the first time I hear about this," Albudaiwi told a news conference in Moscow.
Albudaiwi spoke after the sixth Joint Ministerial Meeting of the Strategic Dialogue between Russia and the Gulf Cooperation Council. Russia was represented by Foreign Minister Sergey Lavrov who told reporters that efforts to create an independent alternative to SWIFT were a "healthy process."
