Promsvyazbank chairman warns of shift toward independent global payment systems

Pyotr Fradkov, chairman of Russia’s Promsvyazbank (PSB), stated that international cross-border payments have become a tool of ‘new warfare’ as nations seek to protect trade from foreign pressure.

Fradkov noted a global shift where the existing financial paradigm is being replaced by competing national systems. He highlighted that while the world still operates within current frameworks, alternative mechanisms are rapidly emerging. Examples of these include Russia’s state-backed A7 cross-border payment system, China’s CIPS network, and the increasing use of stablecoins.

The move toward independent infrastructure follows the 2022 sanctions and the freezing of Russian sovereign assets. Fradkov argued that simply moving away from the dollar is insufficient, as transactions in rubles or digital assets may still rely on external compliance procedures that grant leverage to outside actors. He emphasized the need for a modern, competitive system that combines traditional banking with digital assets to ensure reliable and independent trade flows.