Advancing Venezuela-Russia Trade and Transactions: Integrating Central Bank Messaging and Payment Systems

2023-06-15 10:59:00

“Venezuela, through the Central Bank, has already completed the technological advances, the necessary guidelines to be connected to the interbank messaging of the Central Bank of Russia, in order to be able to communicate with Venezuelan banks and Russian banks through this system,” he said. The official told Sputnik, answering the question regarding the progress of Venezuela and Russia in the field of trade and transactions.

He added that this step is going “to allow fluid communication to facilitate import and export transactions in our currencies, in bolivars and in rubles”.

Addressing the issue of the latest steps in bilateral economic cooperation, the president of the Venezuelan Central Bank paid attention to the achievements of both states in the process of introducing the Russian Mir card for use in Venezuela. He indicated respectfully that today the Latin American country is carrying out work to update your payment terminalsmaking them available for Russian cards.

“At the moment, almost 40,000 payment terminals They are already updated so that the Mir cards work in Venezuela in the tourist area and the objective is that regarding 30% of the points, of the payment terminals, can receive the cards issued in Russian banks, which are denominated in rubles, to be paid in Venezuela in local currency,” he said.

Such measures have become more important in the context of Western sanctions policies than abuse global financial instruments and use them as a pressure tool. However, Ortega Sánchez stressed that “an opportunity arises from all the negative events” and believes that the current difficulties have become an opportunity for Venezuela and Russia to coordinate and advance in the midst of alternative payment systems other than those westerners.

The Russian Central Bank’s Russian Financial Message Transfer (SPFS) system was created in response to the likelihood, and reality, of excluding Russian banks from the SWIFT network, which encompasses more than 11,000 organizations large of almost every country in the world.

Mir is a Russian payment system devised in 2014, when Russia first faced a wave of sanctions in connection with the incorporation of the Crimean peninsulawhose inhabitants expressed their will in a corresponding referendum.

After the US companies Visa and MasterCard restricted operations with some Russian banks at that time, the country’s president, Vladimir Putin, commissioned the development of the National Payment Card System, which became the Mir card operator and began to issue them in December 2015.

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