There are many countries that seek solutions in cross-border trade, with an emphasis on preferring to use their national currencies rather than the USD and especially in their trade with their trading partners.
These are the countries that are trying to resist US sanctions, trying to break the influence of the USD, which for them acts as a lever of pressure by creating insurmountable coercion.
In June 2019, Russian Finance Minister Anton Siuanov and Chairman of the People’s Bank of China Yi Gang signed an intergovernmental agreement to switch to a national currency instead of USD in their mutual payments.
by Thanos S. Chonthrogiannis
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In trade relations between Russia and China, new payment mechanisms in national currencies have already been developed. Gazprom Neft, which supplies fuel to 34 airports in China, has agreed with China’s national aircraft fuel supplier to abandon payments in USD.
From September, payments between Gazprom Neft and China’s national fuel supplier will be made in yuan. At the same time, Chinese airlines at Russian airports will soon be able to pay in Russian rubles to buy fuel.
Turkey and Russia in October 2019 signed an agreement with each other to increase the use of their national currencies in interstate trade. Due to this agreement, the connection of Turkish banks with the Russian exchange SPFS which is a financial transfer system the Russian equivalent of SWIFT will be expanded. Over 400 institutions (mostly banks) are part of the SPFS network. 23 foreign banks are connected to the SPFS from Armenia, Belarus, Germany, Kazakhstan, Kyrgyzstan, and Switzerland.
In addition, the Russian MIR payment card will be widely accepted in Turkey as well as in South Ossetia. Russia trades in national currencies with countries such as China, Vietnam and Turkey.
Another indication that Eurasia is uniting even more.
