Russia cultivates alternatives to Western financial firms
Abroad, though, their homegrown firms are minnows
THE PRIDE of Russian nationalists was sorely wounded as the Soviet Union crumbled. Russia without communism was not just more like its foe the West, but the country also became beholden to Western financial architecture as it adopted capitalism. Visa and Mastercard established a comfortable bank-card duopoly. And SWIFT, a Belgian interbank-messaging network, was enlisted for domestic transactions as well as cross-border ones.
This article appeared in the Finance & economics section of the print edition under the headline “Homegrown fare”
Finance & economics August 28th 2021
- The new Powell doctrine
- Ending pandemic unemployment aid has not yielded extra jobs—yet
- Out of Bill Ackman’s SPAC woes comes innovation
- Russia cultivates alternatives to Western financial firms
- Trading in Japanese government bonds is drying up. Does that matter?
- Xi Jinping’s talk of “common prosperity” spooks the prosperous
From the August 28th 2021 edition
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