The head of VTB Andrey Kostin believes that due to the sharp increase in cross-border payments between the Russian Federation and the People’s Republic of China, Russian banks should use the Chinese analogue of SWIFT – the CIPS international wire transfer system. Kostin requested it at the Russian-Chinese business forum, reports TASS.
According to the head of VTB, the number of cross-border transfers in the last quarter of this year increased by more than 200% through VTB Bank alone. Therefore, he stressed that there is currently an “urgent need” for credit institutions to switch to an alternative payment method.
“Such a connection will benefit not only large companies, but also small and medium-sized enterprises from Russia and China, whose importance in bilateral trade has increased,” Kostin said.
It was previously reported that the Spokesperson of the United Nations (UN) Secretary-General, Stephane Dujarric, said that it is a world organization. Works On the provision of operations with Rosselkhozbank.