• Home
  • Ukraine War
  • Economy
  • State of Affair
  • Opinion
  • Video

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Iran’s Trade with BRICS Surging – Foreign Minister

June 6, 2023

India Boasts World’s Fifth-largest Stock Market – Bloomberg

June 6, 2023

Russia Planning Major High-speed Rail Expansion

June 6, 2023
Facebook Twitter Instagram
Trending
  • Iran’s Trade with BRICS Surging – Foreign Minister
  • India Boasts World’s Fifth-largest Stock Market – Bloomberg
  • Russia Planning Major High-speed Rail Expansion
  • Russia Reacts to Indonesian Peace Plan
  • Cop-Tasered 95-Year-Old Dies After Nursing Home Incident
  • Zelensky’s Penthouse Seized In Crimea
  • Meta Initiates Final Round Of Mass Layoffs
  • DeSantis Twitter Disaster: Bungled Campaign Announcement Riddled With Glitches
Thursday, June 8
Facebook Twitter Instagram
RT NewsRT News
  • Home
  • Ukraine War
  • Economy
  • State of Affair
  • Opinion
  • Video
RT NewsRT News
Home » Russia and China Have Plan to Bypass SWIFT – Moscow
State Of Affairs

Russia and China Have Plan to Bypass SWIFT – Moscow

adminBy adminDecember 3, 2022No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
Share
Facebook Twitter LinkedIn WhatsApp Pinterest Email

Russia and China Have Plan to Bypass SWIFT – Moscow

By RT News

The trade partners have been boosting transactions in national currencies, according to Aleksandr Novak.

Moscow and Beijing are developing a system of settlements which could allow cross-border transactions without using the Western financial messaging system, SWIFT, Deputy Prime Minister Aleksandr Novak revealed on Tuesday.

The two countries have reportedly accelerated efforts to move away from the US dollar and the euro, towards settlements using domestic currencies.

“In gas contracts we are already switching to settlements in national currencies – in rubles and in yuan – on a parity basis. Supplies of oil and oil products, as well as coal, are also being switched to payment in national currencies,” he explained.

According to Novak, this could help avoid financial risks and facilitate the transformation of the ruble and yuan into world reserve currencies. “In this regard, the Central Bank of Russia and the People’s Bank of China are working on the possibility of opening accounts for Russian companies in China and vice versa, creating a settlement system without using SWIFT,” Novak said.

Russian President Vladimir Putin had earlier called for new independent financial platforms for international settlements, stressing that the global economy should be more open and unbiased.

Moscow has been promoting its own domestic payment system as a reliable alternative to SWIFT since many of the country’s banks were disconnected from the Western financial network earlier this year.

Russia’s SPFS interbank messaging system was created in 2014, and has similar functionality to SWIFT. It ensures secure transfer of financial messages between banks, both inside and outside the country.

In April, Russian Central Bank Governor Elvira Nabiullina said most Russian lenders and 52 foreign organizations from 12 countries had received access to SPFS. The regulator added it would keep the identity of the payment system’s members secret to protect them from possibly falling under secondary sanctions from the US and its Western allies.

Original source: https://www.rt.com/business/567358-russia-china-bypassing-swift/

Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
admin
  • Website

Related Posts

Iran’s Trade with BRICS Surging – Foreign Minister

June 6, 2023

Russia Planning Major High-speed Rail Expansion

June 6, 2023

Russia Reacts to Indonesian Peace Plan

June 6, 2023

Zelensky’s Penthouse Seized In Crimea

May 26, 2023

Ukraine Can’t Beat Russia — Hungarian PM Orban

May 24, 2023

‘Radioactive Cloud’ Threatening Western Europe – Russian Security Chief

May 22, 2023
Add A Comment

Leave A Reply Cancel Reply

Don't Miss

Iran’s Trade with BRICS Surging – Foreign Minister

By adminJune 6, 2023

Iran’s Trade with BRICS Surging – Foreign Minister By RT News Tehran is looking to…

India Boasts World’s Fifth-largest Stock Market – Bloomberg

June 6, 2023

Russia Planning Major High-speed Rail Expansion

June 6, 2023

Russia Reacts to Indonesian Peace Plan

June 6, 2023
Our Picks

Iran’s Trade with BRICS Surging – Foreign Minister

June 6, 2023

India Boasts World’s Fifth-largest Stock Market – Bloomberg

June 6, 2023

Russia Planning Major High-speed Rail Expansion

June 6, 2023

Russia Reacts to Indonesian Peace Plan

June 6, 2023

Subscribe to Updates

Get the latest creative news from SmartMag about art & design.

About Us
About Us

Your source for the lifestyle news. This demo is crafted specifically to exhibit the use of the theme as a lifestyle site. Visit our main page for more demos.

We're accepting new partnerships right now.

Email Us: info@example.com
Contact: +1-320-0123-451

Our Picks

Nuclear Family: How Ukraine Helped North Korea Develop the World’s Deadliest Weapons

July 2, 2022

Russia Announces $14.5bn Domestic Airline Boost

June 30, 2022

Ukrainian Mayor Blames Shopping Mall Management For Deaths

June 30, 2022

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Facebook Instagram
  • Home
  • Ukraine War
  • Economy
  • State of Affair
  • Opinion
  • Video
© 2023 Russia-Ukraine.

Type above and press Enter to search. Press Esc to cancel.