Getting Familiar, China And Russia Discuss Using The National Payment System

Photo via Antara

JAKARTA - The central banks of China and Russia will discuss the use and improvement of their respective national payment systems in the two countries.

Beijing's envoy to Moscow told the TASS news agency in an interview published on Thursday, May 5.

"Regarding the improvement and use of national payment systems Mir and China UnionPay in the two countries, this question will be decided by the central banks of the two sides in consultations", said Beijing Envoy to Moscow Zhang Hanhui.

Mir and UnionPay are among the few options left for Russia to make payments abroad as Russian banks are isolated from the global financial system in response to what Moscow calls "special military operations" in Ukraine.

Visa Inc and MasterCard Inc are among many Western companies that have suspended operations in Russia.

China has refused to condemn Russia's actions in Ukraine and has criticized unprecedented Western sanctions against Moscow. The two countries have strengthened ties in recent years, including announcing an "unlimited" partnership in February.

The ambassador said China would use clearing banks for yuan operations on Russian territory to ensure the sustainable development of national trade, which Russia hopes will reach 200 billion US dollars by 2024.

He also said that China and Russia are not advocating for the rejection of the settlement of the US dollar and euro in bilateral trade.