Asia (bbabo.net), - In order not to depend on the SWIFT payment system in the future, Russia and China will open mutual accounts of companies. This was announced by Deputy Prime Minister of the Russian Federation Alexander Novak during his speech at the IV Russian-Chinese Energy Business Forum.
Settlements under contracts for gas supplies from Russia to China are already being transferred to the national currencies of the two countries, Novak recalled. In addition, according to him, oil supplies are being actively converted to payments in rubles and yuan.
“Such work helps to prevent risks and contribute to the transformation of the ruble and yuan into the status of world reserve currencies. In this regard, 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 settlement system without using SWIFT,” the Deputy Prime Minister said.
He added that Russia and China plan to jointly development and production of equipment for the energy sector.
“Today, China is one of the key equipment manufacturers in the oil and gas sector. Already now there is close cooperation on the supply of oil and gas equipment for projects in Russia,” concluded Novak.