Russia And China Have Plan to Bypass SWIFT – Moscow

• Russia And China Have Plan to Bypass SWIFT – Moscow
  by https://www.rt.com/
  The trade partners have been boosting transactions in national currencies, according to Aleksandr Novak
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  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.
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  “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.
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  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.
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  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.
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