Russia and China are working on creating a system of settlements without using SWIFT, said Deputy Prime Minister Alexander Novak. The two countries are devoting particular attention to trade settlements in national currencies and risks and facilitating transportation there.

Russia and China are devoting particular attention to trade with settlement in national currencies. Russia and China settlements determine which payments are switched.

And because of this, it is also the cause of the risks and facilities that are transformed in the world reserve currencies. From the statement of Deputy Prime Minister Alexander Novak, it was stated that:

"this work makes it possible to prevent risks and facilitates the transformation of the ruble and yuan into world currencies. And the opening accounts of Russian companies are in a well-settled system.

"In this regard, the Central Bank of Russia and the Bank of China are working on the possibility of opening accounts of Russian companies in China and Chinese ones in Russia. This is creating a settlement system without using SWIFT," said Novak.

Russia Makes Yuan Their New Dollar as Sanctions Spur Russia's Move to Alternative Currency

Alexander Novak recalled that payments under contracts for gas suppliers from Russia to China had already switched to the national currencies of the two countries. Russia and China are working on a reciprocal opening of company accounts to avoid SWIFT.

In addition, the deputies also recalled that payments under contracts for gas suppliers from Russia to China were already switching to the national currencies between the two countries. 

Besides that, settlement for oil supplies and other products will be transferred in rubles and yuan."Such work makes it possible to prevent risks and promote the transition of the ruble and yuan into world reserve currencies status. 

The two central banks are working on creating a more mature payment system," Novak added to the news on equipment production.

Today, China is a crucial manufacturer of equipment in the oil and gas sector. And according to many parties, currently, there is close cooperation on the project. And all of this is because Russia doesn't want to pay much money to America using US Dollars.

Adopting the yuan currency as an international payment system from the Russian side is the best decision. Especially because global payments reach 42% globally, this can make the economy unstable.

From the data released by Moscow, the hard-hitting Russian and the lawmaker of transforming currency is a transparent composition for the money of the two countries. Payment system from the warehousing sector between China and Russia by reducing their currency risk.

China Seizes This Opportunity to Sharpen Cooperation In The Energy Sector With Russia

China is willing to forge a close partnership with Russia. In a clean energy forum, Russia's ability to develop petroleum. Two partners come amid preparation for a G7 price cap starting on December 5, and this causes world oil stocks to fall.

Combining the economic sector, currency, and also the natural resources sector, guarantees that Russia will have a more significant effect on the Asian market. Sharp price volatility will also be related to energy supplies, and the need for exporting from the port will also increase.

In addition, President XI jIn Ping said that the energy partnership, translated to more countries, is to provide a supply of oil this year. G7 countries also said that they would continue to try to make further moves, and the negotiation tool will be used as a weapon.

The creation of a settlement without using SWIFT. With payment tools with a large risk, the basis used by China and Russia will be the same. Reserve currencies with a no-SWIFT system will work to create no new fines.