In 2014, Russia launched its own payment system. For a while there was growth.
But now more and more states are jumping ship. India, for example, is looking for a new oil supplier; in China, several major banks had cut off trade with Russia. And now the Russian payment system Mir is crumbling. Experts see it as a success of the sanctions imposed by the West. The crumbling of the Mir system is an “indicator of Russia’s dwindling economic attractiveness”. Other countries could opt out in the future. Candidates for this include Tajikistan and Belarus. A number of countries, including China, Jordan, Mexico and Syria, are currently discussing integration with Russia, and implementation is firmly planned in Iran and Mongolia (among others) According to the Kremlin, new US secondary sanctions are responsible for the decline. These state that business contact with the Russian company NSPK, which is under sanctions, can also lead to sanctions. Turkey left the system because of concerns about such possible sanctions.