Overview Pyotr Fradkov, chairman of Russia’s Promsvyazbank (PSB), said Russia has the capability to create a cross-border payment network that is domestic in origin but international in function, according to an interview with the Russian business daily RBK reported by RT. In October 2024, PSB launched the A7 system of international payments, which according to the bank’s website processes about 2,000 transactions of various sizes daily and accounts for roughly 20 percent of all foreign trade settlements by Russian companies [1]. Fradkov said cross-border payments have become a tool of “new warfare,” and Russia has accelerated its transition from a…
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