# Global shift toward independent payment systems > Live situation record from CLSTR: https://clstr.news/situations/global-shift-toward-independent-payment-systems > Updated: 2026-08-14T08:32:46.000Z. Sources: 8. Developments: 2. Global financial institutions and regional powers are increasingly expressing concerns regarding the use of international payment networks as instruments of geopolitical pressure. In Russia, Pyotr Fradkov, chairman of Promsvyazbank, characterized cross-border payments as a tool of ‘new warfare’. He noted a global shift toward competing national systems, such as Russia’s A7 system and China’s CIPS network, to protect trade from foreign pressure following the 2022 freezing of Russian sovereign assets. Fradkov argued that moving away from the dollar is insufficient if transactions still rely on external compliance procedures that grant leverage to outside actors. Similarly, the European Central Bank has warned of strategic vulnerabilities caused by Europe’s dependence on American payment networks. With nearly two-thirds of eurozone card transactions processed by non-European companies like Visa and Mastercard, there is growing concern that US sanctions can impact individuals within Europe. The bank highlighted how private European companies often block accounts of sanctioned entities to avoid conflict with US administration policies, fueling a push for Europe to develop independent payment platforms to ensure financial sovereignty. ## Timeline ### 2026-08-14: European Central Bank warns of strategic vulnerability in payment systems The European Central Bank warns of strategic vulnerability due to Europe's reliance on US-based payment networks like Visa and Mastercard, which can be used as tools for geopolitical pressure. 4 sources. https://clstr.news/cluster/european-central-bank-warns-of-strategic-vulnerability-in-payment-systems ### 2026-08-12: Promsvyazbank chairman warns of shift toward independent global payment systems Promsvyazbank chairman Pyotr Fradkov warns that international payments have become a tool of ‘new warfare,’ driving a global shift toward independent national payment systems and digital assets. 4 sources. https://clstr.news/cluster/promsvyazbank-chairman-warns-of-shift-toward-independent-global-payment-systems --- Cite as: Global shift toward independent payment systems. CLSTR, https://clstr.news/situations/global-shift-toward-independent-payment-systems