Venezuela is on Track to Use the Russian Payment System MIR

On Monday, President Nicolas Maduro confirmed that Venezuela is advancing in the interconnection process between Russian banks and Venezuelan banks through the MIR.

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This electronic payment system was created by Russia as an alternative to the SWIFT system, which is controlled by the United States and its allies.

"The Venezuelan Central Bank (BCV) gave us good news: we are moving towards integration with the MIR, the payment system created by Russia and used by many countries around the world," the Bolivarian president said during the "Con Maduro +" TV program.

He explained that the MIR system represents an alternative for nations that are under U.S. sanctions and that need to guarantee the normal functioning of their financial transactions.

"New payment systems are emerging in the world. Tough, unfair, illegal sanctions have been imposed on Venezuela, an attempt was made to isolate us financially and monetarily from the whole world... Now, we are building the new world's payment, financial and monetary systems," Maduro pointed out.

On June 15, BCV President Calixto Ortega said that his institution had already completed the technological adjustments to connect to the Russian Central Bank's messaging system.

The MIR system will keep Venezuelan and Russian banks informed, which will facilitate export and import transactions in national currencies, that is, in bolivars and rubles.