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Russia is floating a payment platform to rival the Swift network, which Russian politicians view as a Western-influenced monopoly that may cut off Russia due to geopolitical pressures.
The rival would use blockchain technology to dilute the need for centralized management and to take advantage of new payment innovations, reports >Coindesk. Russian President Vladimir Putin has threatened to set up a >rival payment system before, most notably following Western sanctions that followed Russia's annexation of Crimea earlier in the 2010s.
Source : https://www.paymentssource.com/news/vladimir-putin-to-compete-with-swift-caribbean-gets-second-central-bank-currency