During a state visit to North Korea, Russian leader Vladimir Putin criticized the sanctions policy imposed by the US and its Western allies, calling them “imperialist.” This attitude could potentially lead to cooperation between Russia and North Korea in creating an alternative financial system and exploring cryptocurrency options. Putin’s call for the development of alternative trade and settlement mechanisms that are not controlled by the West was highlighted in a letter published in the North Korean newspaper Rodong Sinmun.
Expressing the need for an independent economic system, Putin’s statements suggest a step toward breaking free from the constraints of the current global financial system. This could include exploring alternatives to the SWIFT payment system and other financial mechanisms currently dominated by Western powers. This rhetoric of Putin during his visit to North Korea indicates a readiness for cooperation and the potential establishment of a parallel economy that functions outside the influence of the West.
However, despite the potential of cooperation between Russia and North Korea in creating alternative financial systems, experts believe that the benefits for North Korea are limited. North Korea’s isolation due to sanctions imposed by the international community complicates its ability to fully engage in such initiatives. While the idea of cooperation between the two nations on financial matters is intriguing, the practical implications for North Korea may not yield significant results due to its existing economic challenges and international isolation.