The central banks of Russia and Venezuela are working to expand the use of the Mir national payment system in the Bolivarian Republic. At the moment, the government teams of the two countries are busy exchanging financial information in order to gradually abandon the use of the dollar in trade.
As RIA Novosti clarifies, Venezuelan Foreign Minister Ivan Gil told reporters that negotiations with his Russian counterpart Sergei Lavrov on this issue were successful, and the «good news» will soon be announced to the peoples of Russia and Venezuela. This issue will also be discussed at a high level within the intergovernmental commission next week in Russia.
Mir is the Russian national payment system, operated by the National Payment Card System (NPCS), wholly owned by the Bank of Russia. The development and use of its own national payment system helps the country bypass US sanctions and ensures financial independence.