OREANDA-NEWS The Crimean authorities are developing a local replacement for the SWIFT international payment service system so that the region can trade with the whole world. This was stated by the permanent representative of the region to the President of Russia Georgy Muradov, RIA Novosti reports.

According to him, an alternative should be a certain form of offsets, in which banks from different countries regulate the balance on mutually open accounts. Muradov believes that the scheme will be of interest in Africa and Latin America.

The mechanism that is going to be introduced will allow foreign partners from friendly countries not to be afraid to fall under secondary sanctions and not to shy away from working in the Crimean direction, Muradov believes. Currently, these problems have not been resolved.

The described scheme is one of the varieties of barter, because it does not involve money transfers, but is based on an equal number of goods transferred by pools of trading partners from both countries. The Russian authorities have long been calling for more active use of barter in international settlements, but so far it is not very popular.