International News

EU & US Exclude Russia From SWIFT System

Author : Bozhou Marine

Update time : 2022-03-07 09:09:07

After the outbreak of the Russian-Ukrainian conflict, the United States and the European Commission, France, Germany, Italy, the United Kingdom, and Canada decided to exclude some Russian banks from the SWIFT system.

Although the joint statement also stated that it was aimed at "some banks", a total of about 300 banks in Russia use SWIFT, handling 80% of Russia's foreign capital transactions, and because the SWIFT system is a cross-border exchange between financial institutions. The tool is known as the most important system in the international capital settlement system. Many people worry that this move will completely cut off Russia's trade with other countries.

So during this time, there are many foreign trade people who inquire about how to receive payment through RMB.

The benefits of receiving payment in RMB are very obvious in the current situation:

--Avoid losses due to RMB appreciation;
--For countries like Russia, it is possible to avoid sanctions and receive payment safely;
--Save extra expenses caused by foreign exchange differences.

WWW.BOZHOU-INTCOM

Previous : Major Logistics Companies Suspend Operations In Russia

Next : Indonesia Suspends More than 1,000 Mines

China Will Purchase US Chips with Caution

Dec .04.2024

On December 3, China's four major industry associations collectively issued a statement: they will be cautious in purchasing American chips.

Export Control of Dual-use Items to The United States

Dec .04.2024

On December 3, the Ministry of Commerce issued an announcement on strengthening export control of relevant dual-use items to the United States.

Türkiye & Israel Break Off Diplomatic Relations

Nov .14.2024

Turkish President Erdogan announced on the 13th that Türkiye has severed relations with Israel and will not take any measures to continue or develop bilateral relations in the future.

Critical Moment! US Election

Nov .05.2024

On November 5, local time, the US election will usher in voting day.