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  • Chapter 12 - Alternative Financial Infrastructures in Russia

  • from Part II - Histories of Financial Infrastructures
  • Edited by Carola Westermeier, Max Planck Institute for the Study of Societies, Malcolm Campbell-Verduyn, University of Groningen, Barbara Brandl, Goethe-Universität Frankfurt
  • Book:
    The Cambridge Global Handbook of Financial Infrastructure
    Published online:
    21 May 2025
    Print publication:
    05 June 2025, pp 139-152
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  • Summary

    Russia’s policies, as responding to the pressure of sanctions on financial infrastructures, provide a prime example of the development of alternatives to Western-dominated financial systems. From a perspective of infrastructural power, this chapter discusses the issue in relation to an expansion of the state’s economic role. Focusing mainly on the payment card system “Mir” and the digital ruble, it traces the development of cashless payment in post-Soviet Russia from an early phase of dominating Western companies to the strongly increased involvement of the Bank of Russia in the payment market. It also shows how payment via state-owned infrastructures serves as a vehicle for further infrastructural projects, entailing an extension of state power. With regard to the controversies between the regulator and the banking industry over state-owned payment infrastructures, it shows how the verticalization of the political system in Russia affects the positioning of the Bank of Russia and also its relationship to the large state-owned enterprises in the financial sector.