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MOSCOW, Nov 24 Russia has disappeared from the list of main centers for settlements in yuan through the international payment system SWIFT: according to experts surveyed, this means the country is gradually abandoning the use this system for yuan transactions and the transition to Russian and Chinese analogues.
In September, SWIFT reported that Russia accounts for 1.95% of all yuan payments through its system outside mainland China. According to this indicator, our country was in the top 5 and was second only to Hong Kong (75.26%), Great Britain (5.32%), Singapore (3.44%) and the USA (2.8%).
And already in October, for the first time since March last year, Russia disappeared from the list of economies that use Chinese currency in SWIFT for international payments. At the same time, according to the Russian Central Bank, the yuan continues to occupy a significant share in the country’s foreign trade operations. Thus, in September, the share of the yuan in exports increased to 32% from 28%, while in imports it remained stable at 37%.
«Most likely, this illustrates Russia's gradual abandonment of SWIFT in favor of direct payments, settlements through correspondent accounts and digital currencies. This fact speaks of the country's growing independence from the global financial center,» — The deputy director of the NTI Competence Center «Trusted Interaction Technologies» based on TUSUR, Ruslan Permyakov, expressed his opinion.
This point of view is shared by Ksenia Bondarenko, senior lecturer at the Faculty of World Economy and International Politics at the National Research University Higher School of Economics. In her opinion, the absence of the Russian Federation in this SWIFT list indicates that a significant volume of international payments was transferred from SWIFT to the Financial Message Transmission System of the Bank of Russia and its Chinese analogue — CIPS.