Anton Siluanov, the head of Russia’s Ministry of Finance, stated that disconnection from the SWIFT network and from payment giants Visa and Mastercard did not disrupt the core flow of domestic financial transactions within the Russian Federation. He conveyed this assessment in an interview with RT, emphasizing that the financial system continues to operate smoothly for ordinary transactions even amid international sanctions.
Siluanov also noted that Moscow senses foreign assets facing freezes, yet he described Russia as actively shifting its economic focus away from Western markets toward Eastern partners at a rapid pace. This pivot reflects a strategic diversification of destinations for Russian assets and trade, reinforcing a narrative of resilience in the face of Western financial pressure.
Historical data at the start of 2023 indicated that public debt stood at 15.1 percent of GDP, a figure Siluanov cited in support of the country’s debt sustainability and fiscal prudence. He attributed Russia’s financial stability to a combination of modest debt levels, disciplined budgetary practices, a floating exchange rate regime, and a clear inflation-targeting framework.
Beyond these fundamentals, the minister called for strengthening the domestic financial market infrastructure through the creation of an independent operating system. He highlighted the MIR card payments system and the Financial Message Transmission System, known as SPFS, as important components of Russia’s financial autonomy and resilience. Siluanov framed these capabilities as a hedge against external shocks and a foundation for continued monetary stability within the country.