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

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