Russian President Vladimir Putin declared the need for a brand-new, independent international settlement system in light of the restrictions and sanctions placed on his country.

According to President Putin, the new system would be free from financial interference and third-party meddling. He suggested creating a system using digital currency and blockchain technology. 

The President said this at a symposium on artificial intelligence that Sberbank hosted. In his speech, Putin stated that the tense relations between Russia and the Western superpowers have put international settlements in danger.

Putin said it was “possible to create a new system of international payments based on digital currency technologies and distributed registries, much more convenient, but at the same time completely safe for participants and independent of banks and third-party interference.”

The President also criticized the price of the current international payment system. Putin claimed that the financial organizations in charge of the global settlement are at fault for its high cost. 

“Today, the system of international payments is expensive, with correspondent accounts and regulation controlled by a small club of states and financial groups.”

Putin stated that international settlements are now a target of attack and referred to the sanctions imposed on Russia by the West as unlawful limitations. Because they encounter these tactics, "our financial institutions know this better than anyone," he continued.

Following its invasion of Ukraine in March, the Bank for International Settlements barred Russia from utilizing its services. Since then, Russia has taken a number of pro-crypto actions and tried to circumvent the restrictions that have been put in place. Additionally, the nation is now more in favour of allowing international cryptocurrency payments.