Russian Banking Official: Abandoning the Dollar is Insufficient Amid Global Shift Towards Independent Financial Systems

mniraq - Pyotr Fradkov, Chairman of the Russian PSB Bank, stated that abandoning the US dollar in international payments is not enough to resolve the challenges of the global financial system, noting that shifting to other currencies does not necessarily eliminate reliance on Western financial infrastructure. He highlighted Russia's efforts to boost the use of national currencies in foreign trade, while warning against total dependence on "stablecoins" due to the strong link of the vast majority to the US dollar. Fradkov predicted the emergence of new national and regional financial systems competing globally, emphasizing the need to develop digital financial tools and independent payment infrastructures to bypass current restrictions and serve emerging markets, particularly in Africa. He also pointed to the launch of the new Russian payment system as a strategic move to secure the independence of cross-border trade transactions away from the SWIFT system.