Russia bypassed SWIFT/ Yuan transfer without SWIFT system by Russian bank

According to the report of the International Economic Group of Fars News Agency, quoted by EuronewsVTB Bank of Russia announced that it is the first Russian bank without using the system swifthas launched the transfer of money to the Chinese yuan.

Demand for the yuan in Russia has increased since the imposition of Western sanctions and limited access to dollars and euros.

According to this report, the embargo on major Russian banks, including the state-owned VTB Bank, has practically cut off the connections of these banks from the global financial system.

Andrei Costin The CEO of VTB announced in a statement: “The new reality leads to widespread non-acceptance of the use of dollars and euros in international payments.”

He added: “The launch of the yuan transfer system will significantly simplify the work of Russian companies and individuals with Chinese partners and increase the popularity of yuan in our country.”

This Russian bank announced that the maximum amount of a money transfer is equal to 20 million rubles ($328,677) and the maximum monthly limit is 100 million rubles.

The bank also plans to start lending in yuan and other non-Western currencies later this year.

As Moscow seeks to develop its financial infrastructure in countries that have not imposed sanctions on Moscow, Cyberbank, the largest the most The Russian bank announced today that it has started lending in yuan.

Costin He stated, the need to develop payment systems as an alternative to swift which was cut off for VTB in March.

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