During his visit, Putin emphasized the need for alternatives to the current global financial system. He highlighted the potential for Russia and North Korea to create their own economy outside of Western sanctions control. By advocating for the development of alternative trade and settlement mechanisms, Putin suggested that the two countries could collaborate on projects such as a SWIFT alternative and exploring the use of cryptocurrency.
The use of a SWIFT alternative would enable both Russia and North Korea to carry out financial transactions without interference from Western powers. This would bypass restrictions imposed by the United States and its allies, providing greater financial freedom for both countries. Additionally, exploring the use of cryptocurrency could offer an efficient way for Russia and North Korea to engage in financial transactions that are more difficult to trace or control.
While there is potential for cooperation between Russia and North Korea on these financial initiatives, experts believe that North Korea’s benefits may be limited. The isolated country faces numerous challenges such as international sanctions and a lack of resources. Although working with Russia on these projects could provide some relief from Western sanctions, it is unlikely to significantly improve North Korea’s overall economic situation.
