Russia Expands an Independent Financial Network and Deepens Global Economic Ties
A new independent financial system has been developed by the Central Bank of Russia, with the system already linking about four-fifths of banks across the post-Soviet space. This initiative was outlined by Alexei Overchuk, the Deputy Prime Minister of Russia, during remarks at the XIV International Economic Forum, titled Russia – Islamic World: KazanForum. The statement was conveyed by TASS.
Overchuk emphasized that the primary focus today is on building a self-governing financial framework designed to securely verify financial messages. He noted that roughly 80 percent of banks in former Soviet states are now connected to this network, illustrating rapid regional adoption and integration.
He highlighted Russia’s active participation in integration efforts within the Eurasian Economic Union. In the first quarter of 2023, a striking 89 percent of cross-border trade occurred using national currencies, signaling a move toward monetary sovereignty and a more autonomous financial system. These milestones collectively indicate a genuine shift toward financial independence and greater regional resilience.
Beyond regional ties, discussions are underway within the EAEU to establish broader economic cooperation with several Islamic countries. Egypt, Iran, the United Arab Emirates, and Indonesia are among the nations being engaged to explore the creation of free trade zones that could facilitate smoother exchange of goods and services and expand investment opportunities.
In May, updates from the Ministry of Economic Development indicated plans for a bilateral extension of the agreement between the EAEU and the United Arab Emirates. The proposed arrangements would involve an expanded framework for interstate service and investment trade, aiming to deepen bilateral economic collaboration and open new channels for commerce between these regions.
These developments reflect an overarching strategy to diversify trade routes, reduce reliance on any single financial system, and strengthen economic sovereignty. The evolution of the Russian financial network, together with ongoing regional and international trade negotiations, points toward a more diversified and resilient economic architecture that could influence global financial dynamics in the coming years. (Source attribution: TASS, official ministry communications, and forum proceedings.)