VTB’s leadership has been actively shaping the narrative around cross-border finance and digital currency strategy in recent remarks delivered during a prominent regional forum in Shanghai. The chairman and head of the board emphasized that both Russia and China should pursue new cooperation mechanisms in the banking sector to support the growing potential of digital payments. The conversation focused on the development of digital instruments such as the digital yuan in China and the digital ruble in Russia, with the expectation that central banks will play a central role in guiding these innovations. These observations were reported by TASS.
According to the speaker, the path forward requires purposeful collaboration and tested mutuality between financial authorities, banks, and corporate clients. He noted that the digital yuan and the digital ruble hold significant promise, particularly when the research and pilot efforts are anchored in the fiduciary frameworks provided by central banks. The broader implication is a possibility for BRICS countries to move toward a shared digital currency or interoperable digital payment rails, a concept that could streamline settlement and reduce friction in bilateral trade. The participant in the dialogue added that the BRICS bloc could contribute valuable insight and momentum to such an enterprise, leveraging the diverse financial ecosystems within the group to test cross-border use cases and settlement efficiencies.
During the forum, it was highlighted that Shanghai is poised to serve as a pivotal hub for Russia-China trade, with the bank projecting a long-term role as a trusted partner for financial services that support bilateral commerce. The institution has a long history in this arena, dating back to its first formal office established in China in 2008. Since then, the organization has accumulated substantial experience in engaging with Chinese counterparties and navigating the regulatory and cultural dynamics that influence cross-border banking. This track record is presented as a source of confidence in the bank’s capacity to facilitate more robust and efficient financial flows between the two economies.
In parallel with these discussions, a high-ranking Russian official underscored the strong trade potential between Russia and China and articulated a clear target for the year ahead. The perspective shared points to the possibility of reaching a substantial trade volume, with estimates suggesting a path toward two hundred billion dollars in bilateral commerce by year-end. The remarks reflect a continued focus on expanding the scale of economic ties while acknowledging the practical steps needed to support greater trade throughput, including improved payment infrastructure, currency interoperability, and streamlined banking services for businesses engaged in transcontinental exchange.
The overall discourse at the Shanghai forum illustrates a shared recognition among senior executives and government leaders that digital currencies and modern payment rails could reshape the economics of international trade. The emphasis on central bank leadership and regulatory clarity aims to ensure that innovation proceeds in a manner that preserves financial stability while enabling faster, cheaper, and more transparent settlements. As bilateral projects mature, observers expect ongoing collaboration to refine cross-border settlement mechanisms, enhance risk management practices, and align regulatory expectations across jurisdictions. This ongoing dialogue signals a strategic shift toward more integrated financial ecosystems that can better accommodate the dynamic needs of large-scale commerce between Russia, China, and other economies seeking to participate in the digital currency era. The conversations also reflect a broader trend in which digital finance is becoming a central pillar of international economic strategy, with institutions and policymakers jointly exploring practical paths to resilience, efficiency, and growth.