Russia, China discussing system of settlements without SWIFT, mutually opening bank accounts - Novak
MOSCOW. Nov 29 (Interfax) - Russia and China are working on creating a system of settlements without using SWIFT, Deputy Prime Minister Alexander Novak said.
The two countries are devoting particular attention to trade with settlements in national currencies, Novak said at the IV Russia-China energy business forum in Moscow.
"In gas contracts we are already switching to settlements in national currencies - in rubles and in yuan - on an equal basis. Supplies of oil and oil products, coal are also being switched to payment in national currencies," he said.
"This work makes it possible to prevent risks and facilitates the transformation of the ruble and yuan into world reserve currencies. 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 - the creation of a settlements system without using SWIFT," Novak said.