IMF Calls for New Payment System to be Developed to Iron Out ‘Payment Blocs’ Amid Sanction on Russia

May 11, 2022 | EARNINGS

The US and some of its allies have launched an “economic war”, as the Kremlin put it, in response to Moscow’s special military operation in Ukraine. Aside from different sanctions on Russia’s politicians and firms, seven Russian banks have also been disconnected from the SWIFT electronic payment system network.

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