“... it seems the rapid drop in the Ruble (and the Yuan in recent days) has escalated the need for this de-dollarized payment system and, as RT reports, Russia’s Rossiya and SMP banks, which fell under Western sanctions, are among the eight lenders that will start testing the country’s new national payment system on December 15.”
“It appears that as sanctions and oil-price-declines pressure Putin, he is accelerating his gold-hording de-dollarization as unintended isolated consequences boomerang back at the US Dollar's hegemony.”
“Russia’s Rossiya and SMP banks, which fell under Western sanctions, are among the eight lenders that will start testing the country’s new national payment system on December 15.”
“The move comes as a part of Russia’s ambitious initiative to move away from the Western dominance of its financial markets. Last month the Russian Central Bank said it would have its own international inter-bank payment system, an alternative to the global SWIFT network up and running by May 2015.”
“NPS [National Payment System] was established in 2014 after a number of Russian banks were hit by US and EU sanctions. In March international payment systems Visa and MasterCard stopped servicing cards issued by the banks following the introduction of the sanctions.”
Putin will seek further autonomy for the Russian economy and further state control of the banking system in order to protect it by foreign financial speculative games. It seems that BRICS increasingly gaining financial independence from the Western neoliberal bloc. This will bring further panic to the Western oligarchs as may fear that a fast growing Russian economy could become a new model for other countries even from the Western sphere of influence. Therefore, their plans for total dominance through the expansion of the catastrophic neoliberalism could be definitely destroyed.