Venezuela, Russia jointly develop alternative to SWIFT platform

(ECNS) -- The staff at the Central Bank of Venezuela and the Bank of Russia are looking at communications systems and reducing the use of the U.S. dollar, said Venezuelan foreign minister Yván Gil at a press conference Tuesday.

Gil welcomed his Russian counterpart Sergey Lavrov in Caracas, capital of Venezuela, where both sides announced cooperation on oil production, agriculture, medicine, and space exploration.

Gil stated that there are working plans to develop an alternative to the SWIFT platform, a financial messaging platform that facilitates the movement of money internationally.

SWIFT covers 11,000 banks and financial institutions in over 200 countries and territories. It has banned both Russia and Venezuela from using the system, creating barriers for both countries to engage in international commerce.