RT.com
30 Nov 2022, 04:14 GMT+10
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.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Paris Guardian 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 Paris Guardian.
More InformationMOUNT PLEASANT, Michigan: This week, a judge sentenced a Michigan man who kept his dead wife's body in a freezer ...
ATLANTA, Georgia: After two consecutive years of declines mainly caused by the COVID-19 pandemic, babies born in the U.S. in ...
The number of soldiers in the Israeli army killed in the current Israel-Hamas war has topped 400. Three hundred and ...
MOSCOW, Russia: A Russian court has extended the detention of Evan Gershkovich, a U.S. reporter for the Wall Street Journal, ...
Israel intensified its deadly bombardment of the Gaza Strip Saturday as renewed fighting with Hamas entered a second day following ...
ARLINGTON, Virginia: This week, the conservative U.S. political network Americans for Prosperity Action (AFP Action), led by billionaire Charles Koch, ...
NEW YORK, New York - U.S. stocks closed mixed on Monday following on from last week's volatility."Digestion is the word ...
REDMOND, Washington: Microsoft President Brad Smith said there is no chance of super-intelligent artificial intelligence (AI) being developed within the ...
NEW YORK: A survey by Consumer Reports found that electric vehicles (EV) from 2021 through 2023 model years encountered nearly ...
LONDON, UK: In a report released this week, the Economist Intelligence Unit (EIU) said that Singapore and Zurich tied for ...
WASHINGTON D.C.: This week, the U.S. Federal Aviation Administration (FAA) said it implemented a new aircraft certification policy, which requires ...
WASHINGTON D.C.: As businesses built more warehouses and accumulated machinery equipment, the U.S. economy grew faster than initially forecast in ...