The possible creation by Russia and China of a potential analogue of the SWIFT international interbank system will take a very long time. This opinion was expressed on Wednesday by the chairman of the U.S. Federal Reserve System (Fed), which performs the functions of the central bank, Jerome Powell, speaking at a hearing in the House of Representatives Committee on Financial Services.

Congressmen asked him how easily Moscow and Beijing could create an alternative to SWIFT, which would seriously compete and undermine the effectiveness of Western sanctions. “This is an interesting question to speculate on. I think in the short term it’s not something that can be created overnight. I know that China has its own system. This is really a long-term issue, not a momentary one. It’s not something that can be done quickly, like this,” Powell replied.