Russia and China are working on the creation of a settlement system without the use of SWIFT

Deputy Prime Minister Alexander Novak said that the Russian Federation and China are currently engaged in the mutual opening of company accounts to avoid the use of SWIFT.

According to the deputy head of the Russian government, Russia and China are already settling gas contracts in national currencies. Also, at present, there is a transition to payments in rubles and yuan when exporting oil, oil products and coal.

As Novak explained, this work ensures the prevention of sanctions risks and contributes to the transformation of the Russian and Chinese national currencies into the status of world reserve ones.

For this reason, the Central Bank of the Russian Federation and the Bank of China are currently opening accounts for Russian companies in the PRC and Chinese companies in the Russian Federation in order to avoid using the international SWIFT system.

The Deputy Prime Minister of the Russian Federation noted that Russia and China intend to develop the development and production of equipment for the energy sector. Since today China has become one of the main manufacturers of equipment in the oil and gas industry. Already, there is close cooperation in the export of oil and gas equipment for projects in the Russian Federation.

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