Countries from Russia to China are building payments systems that could threaten the dollar's global dominance

• The West's sanctions are pushing Russia to develop alternative payment systems with its trade partners.
• Russia's SPFS and Mir systems, China's CIPS, and India's UPI help aim to challenge SWIFT's dominance.
• Central bank digital currencies and cryptocurrencies are also being explored to facilitate trade.

The West's tightening sanctions are driving Russia nearly up against the wall — but Moscow keeps finding ways to keep the country's economy going.

Russia's trade partners, too, are looking for ways to continue doing business with the country via alternative systems to rival the Western-led, US dollar-dominated global financial order.