RT.com
29 Nov 2022, 17:43 GMT+10
The trade partners have been boosting transactions in national currencies, Aleksandr Novak says
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.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of China National News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to China National News.
More InformationCORAOPOLIS, Pennsylvania: Dick's Sporting Goods is set to acquire Foot Locker in a US$2.4 billion deal, marking the second major footwear...
BENTONVILLE, Arkansas: Walmart shoppers are bracing for price hikes as the world's largest retailer prepares to pass on the impact...
CHICAGO, Illinois: U.S. cattle farmers have either started rebuilding their herds or are close to it, according to Tyson Foods CEO...
WASHINGTON, D.C.: Smartphone shipments to the United States jumped 30 percent in March as manufacturers including Apple, Samsung, and...
CHICAGO, Illinois: Kraft Heinz is committing US$3 billion to revamp its U.S. manufacturing plants, marking its largest investment in...
STOCKHOLM, Sweden: Sweden plans to propose that the European Union join the Pacific Rim trading bloc, the CPTPP, aiming to create the...
STOCKHOLM, Sweden: Sweden plans to propose that the European Union join the Pacific Rim trading bloc, the CPTPP, aiming to create the...
SHENZHEN, China: China's passenger car sales climbed for the third consecutive month in April, increasing 14.8 percent from a year...
TAIPEI, Taiwan: Taiwan's China Airlines has placed an order for 14 Boeing 777X wide-body aircraft, consisting of 10 777-9 passenger...
New Delhi [India], May 18 (ANI): Minister of State for Defence Sanjay Seth will lead an Indian delegation at the 17th edition of Langkawi...
URUMQI, May 18 (Xinhua) -- China opened two new museums in the northwestern Xinjiang Uygur Autonomous Region on Sunday, showcasing...
CHONGQING, May 18 (Xinhua) -- Morning light seeps through the window as soft scraping sounds fill the air. Zhang Wei bends over his...