Russian officials want China’s help in developing an international payment system that would allow Moscow and Beijing to undermine the global primacy of the U.S. dollar.
"Such work makes it possible to prevent risks and promote the transition of the ruble and yuan into the status of world reserve currencies,” Russian Deputy Prime Minister Alexander Novak said Tuesday, per state media.Chinese General Secretary Xi Jinping and Russian President Vladimir Putin have aligned in their mutual ambition to degrade Western power.
Dozens of foreign financial institutions joined Moscow’s alternative payment system this year, a Russian Central Bank said in September, but the number is still dwarfed by the thousands of entities that rely on SWIFT. Western powers use economic measures to punish Russia’s invasion of Ukraine and the United States leads an international charge to drive Chinese telecommunications companies out of Western networks.
China has wielded economic clubs of its own. Xi blackballed Australia’s wine industry, for instance, in retaliation for Australia’s demand for an international investigation of the origins of the coronavirus pandemic, a controversy that spiraled to the tune of $20 billion worth of economic sanctions, according to Australian officials.
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