Russia and China agreed to establish stable banking settlements in the face of Western sanctions

Russia and China have agreed to establish stable banking transactions at a time when more and more Chinese banks are halting operations with Russia due to Western sanctions.

This was announced in a joint communiqué following yesterday’s visit to Moscow by the Chairman of the State Council of China, Li Qiang, which was published by the Russian Federation.

Together with Russian Prime Minister Mikhail Mishustin, they agreed “to ensure the resilience of Russian-Chinese trade” by “continuing to strengthen mutual understanding and dialogue between financial and banking organizations, and ensuring the uninterrupted and normal functioning of payment channels in trade between Russia and China.”

Specifically, they plan to “strengthen and develop payment and settlement infrastructure, including by opening correspondent accounts and establishing branches and subsidiary banks in both countries,” and “expand cooperation in the fields of banking and insurance.”

Following these statements, the ruble slightly strengthened against the yuan.