Banning Russia from the Swift financial messaging system may increase use of China’s alternative CIPS network. Photo: Bloomberg
Banning Russia from the Swift financial messaging system may increase use of China’s alternative CIPS network. Photo: Bloomberg
China-Russia relations
Economy /  Global Economy

Ukraine invasion: Swift ban, sanctions cut Russian economy from the world. Will China’s yuan payment system offer a lifeline?

  • Sanctions on Moscow are likely to accelerate connection and transactions between Chinese and Russian payment systems
  • But cooperation between China’s central bank and its Russian counterpart could threaten the Chinese economy, analysts warn

Kandy WongJi Siqi
Kandy Wong and Ji Siqi

Updated: 1:08pm, 9 Mar, 2022

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Banning Russia from the Swift financial messaging system may increase use of China’s alternative CIPS network. Photo: Bloomberg
Banning Russia from the Swift financial messaging system may increase use of China’s alternative CIPS network. Photo: Bloomberg
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