RT.com
16 Aug 2022, 19:14 GMT+10
Moscow aims to boost settlements in national currencies with SCO countries instead of the dollar and euro
Russia has offered countries belonging to the Shanghai Cooperation Organization (SCO) to join its financial messaging system (SPFS), the Russian equivalent of SWIFT. Moscow wants to boost the volume of settlements in national currencies, the country's Economic Development Minister Maxim Reshetnikov said on Tuesday.
"In order to ensure uninterrupted cooperation between our banks, we suggest that members of the organization join the Russian financial messaging system," Reshetnikov said in his video address to participants at the SCO forum in Uzbekistan.
Reshetnikov noted that SCO countries need to continue to promote full compatibility of national payment systems and boost the volume of mutual settlements in national currencies.
"We already see positive results, for example, a quarter of the trade turnover between Russia and China is settled in rubles and yuan," Reshetnikov said.
The SCO currently comprises eight member states: China, India, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, Pakistan and Uzbekistan, while its partners and associates also include Afghanistan, Belarus, Iran, Mongolia, Armenia, Azerbaijan, Cambodia, Nepal, Turkey and Sri Lanka. The organization's work focuses mainly on security issues, but it also deals with regional development tasks.
READ MORE: Russia expands trade routes with China and India
Russia has been actively promoting its domestic financial messaging system ever since being cut off from SWIFT as part of Western sanctions imposed on the country over the conflict in Ukraine. Both facilitate financial transactions between banks, but Russia's SPFS was used only in Russia up until this year, while SWIFT is an internationally adopted system.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Greek Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Greek Herald.
More InformationDUBAI, UAE - The bustling real estate market in Dubai has surged to unprecedented heights, reporting transactions valued at over ...
ANKARA, Turkey: During a meeting, Michael Evans, President of the Alibaba Group, told Turkish President Tayyip Erdogan that the Chinese ...
LONDON, UK: In a deal aimed at securing the future of the British steel industry, the United Kingdom (UK) government ...
BERLIN, Germany: Mercedes-Benz has been warned that Germany could issue a recall for some autos found to have pollution-defeat devices ...
ABU DHABI, 22nd September, 2023 (WAM) -- Etihad Airways is doubling its daily flights between Abu Dhabi and Kuala Lumpur, ...
U.S. Sen. Bob Menendez of New Jersey and his wife were indicted Friday on charges that they took bribes of ...
New York [US], September 23 (ANI): External Affairs Minister S Jaishankar on Friday (local time) held a meeting with counterparts ...
Kiev's forces reportedly fired Storm Shadow cruise missiles during its most-recent strikes on CrimeaUkraine used British-supplied Storm Shadow missiles to ...
washington - The European Union and its Western partners are grappling with how to maintain diplomatic relations in the Sahel ...
The United States is the only Western nation among the world's 50 most conflict-ridden countries, according to new research that ...
INSTANBUL - As the Turkish government has stepped up its pledges to protect family values, members of the LGBTQ community ...
Washington, DC [US], September 23 (ANI): The I2U2 group of India, Israel, the United Arab Emirates and the United States ...