Russia and China Accelerate New Trade Credit Systems

Boris Titov, head of the Russian-Chinese Business Council, gave an interview to TASS on the results of the late-May conference in Moscow, “Russia and China: Cooperation in a New Era,” reported RT on June 3. Titov of course spoke about the countries’ move away from the SWIFT messaging system effectively controlled by the United States: “Many regional banks are already replacing it [SWIFT] with the Chinese analogue, CIPS” (China International Payment System). President Putin has called for accelerating this in both countries, where large numbers of smaller commercial banks would be outside the reach of NATO/EU nations’ sanctions.