Growing reports at the beginning of the year about Russian entrepreneurs’ problems making payments in Turkey, China and the UAE raised fears of tougher sanctions from the West, but at the same time serious restrictions could lead to the creation of a SWIFT analogue within the BRICS. and weakens the position of the US dollar. Yulia Khandoshko, CEO of European broker Mind Money, told Rossiyskaya Gazeta about this.
Khandoshko reminded that banks in these countries were afraid of secondary sanctions from the EU and the USA, but in the end it turned out that the restrictions were not that severe. In the Chinese case, it was mostly “gray” payments made through small banks that were blocked. At the same time, Russia has specialized in agreements with China in national currencies, which neutralizes the effect of restrictions.
As for the UAE, banking in the Emirates is individualized and not designed to serve large corporate customers, so restrictions are not critical. Ways to overcome sanctions with Turkey are already being discussed due to the importance of cooperation with Moscow, especially in the field of tourism.
According to the expert, very strict sanctions against countries interacting with Russia may prompt them to switch to a single currency within the BRICS or to a new settlement system based on mutual borrowing. The United States understands this and cannot completely cut off financial flows for fear of de-dollarization.
“The United States is very afraid to exaggerate this and provoke the creation of an analogue of SWIFT, which will negatively affect the dollar’s position as the world reserve currency,” Khandoshko emphasized.
The expert also assured that Russian business has fully adapted to the current situation and there is no risk of complete blocking of payments.
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