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China and Russia Working on SWIFT Payment Alternative


Russia and China are working on ways to avoid using SWIFT payments according to Russian Deputy Prime Minister Alexander Novak.

  • Novak said that payments under contracts for gas supplies from Russia to China are already switching to the national currencies of the two countries.
  • Settlements for supplies of oil, petroleum products and coal are being actively transferred in rubles and yuan, he added.
  • “The Central Bank of Russia and the Bank of China are working on the possibility of opening accounts for Russian companies in China, Chinese companies in Russia, and creating a payment system without using SWIFT," Novak said.

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