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Investing.com -- VTB, Russia’s second largest bank, announced on Tuesday that it has appointed Olga Skorobogatova, a former central banker, to develop its international payments infrastructure. This move comes several months after Skorobogatova left a similar position at the Bank of Russia.
The nation has been dealing with payment difficulties due to Western sanctions enacted in response to Russian President Vladimir Putin’s military intervention in Ukraine in February 2022. These sanctions have barred Russia from dollar markets and the SWIFT global payments system, significantly affecting transactions with China.
Skorobogatova, who previously held the position of first deputy governor at the Bank of Russia, led digital projects such as the digital rouble and Russia’s domestic payments system. She resigned from her position in November.
VTB stated that Skorobogatova will be in charge of the bank’s strategic development and partnerships, as well as the creation and development of international payment systems. Skorobogatova, who is personally subject to U.S. sanctions, was recognized by the central bank for her role in establishing the digital infrastructure that has helped Russia’s financial sector weather some of the impacts of the sanctions.
VTB also reported that it has almost completely replaced all IT solutions that were previously dependent on foreign software with domestic alternatives. The bank is actively testing various Russian IT solutions to establish a reliable IT infrastructure that is technologically independent of foreign solutions.
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