China and Russia are working to create a payment system without SWIFT.
In addition to facilitating payments between the two nations, the creation of a new system would help transform the ruble and yuan into the world's reserve currencies.
Sputnik Brazil - The central banks of Moscow and Beijing are trying to create a payment system between the two countries without using SWIFT, Russian Deputy Prime Minister Aleksandr Novak reported.
"The Central Bank of Russia and the Central Bank of China are working on the possibility of opening accounts for Russian companies in China and for Chinese companies in Russia, as well as creating a payment system without the use of SWIFT," Novak said in a speech at the Russian-Chinese Energy Business Forum.
The two countries have intensified payments in their national currencies. In particular, these transactions are already carried out in the gas sector based on parity, he specified.
"The shift to payments in national currencies for supplies of oil and its derivatives and coal has also been intensified," thus avoiding risks and encouraging the transformation of the ruble and yuan into the world's reserve currencies, the deputy premier added.
Following the start of Russia's special military operation in Ukraine, several countries adopted sanctions against Moscow, including the partial disconnection of Russia from the SWIFT system, the closure of airspace to Russian airlines, the freezing of its Central Bank's international reserves, and other restrictive measures.