MAJOR Russian banks have set up a netting payments system dubbed 'China Track' for transactions with China, aiming to reduce their visibility to Western regulators, reports Reuters.
Russia's trade with china hit a record US$245 billion last year despite payment problems and commissions running as high as 12 per cent, as Chinese banks had grown too cautious to do business with Russia and jeopardise their ties with the United States.
The issue had become so important that Russian President Vladimir Putin and China's leader Xi Jinping discussed it during Putin's visit to China in May 2024, which was aimed at cementing the two countries' 'no limits' partnership.
President Xi is set to take part in Russia's Victory Day parade on May 9, but his visit is now taking place amid China's trade war with the United States, making the booming trade with Russia and other non-Western nations more important.
SeaNews Turkey
Russia's trade with china hit a record US$245 billion last year despite payment problems and commissions running as high as 12 per cent, as Chinese banks had grown too cautious to do business with Russia and jeopardise their ties with the United States.
The issue had become so important that Russian President Vladimir Putin and China's leader Xi Jinping discussed it during Putin's visit to China in May 2024, which was aimed at cementing the two countries' 'no limits' partnership.
President Xi is set to take part in Russia's Victory Day parade on May 9, but his visit is now taking place amid China's trade war with the United States, making the booming trade with Russia and other non-Western nations more important.
SeaNews Turkey
