Russian Finance Minister: China and Russia Plan to Establish a Clearing Institution to Avoid the West
Recently, Russian Finance Minister Anton Siluanov revealed in an interview with Russian newspaper "Izvestia" that Russia and China are planning to establish a clearing institution to reduce dependence on the Western clearing system and avoid risks.
"We need to have our own independent payment infrastructure," Siluanov said on September 11 local time. In the context of U.S. and Western sanctions against Russia, this is particularly important. He said that the U.S. and Western countries have abused sanctions, making it difficult for Russia and its partners to access Western financial channels.
Siluanov pointed out that establishing an "independent payment infrastructure" aims to deal with Western sanctions and replace the Western clearing system, including Euroclear and Clearstream.
Siluanov continued: "We hope that this institution, perhaps based on this, can create opportunities for our country's investors, allowing them to freely buy and sell securities in any country. In other words, the institution could perform some form of independent custody function in the future."
He explained that the new clearing institution would allow Russians to invest in foreign assets and enable foreign investors to provide financing for Russian projects.
Original: www.toutiao.com/article/1843153109931079/
Statement: This article represents the views of the author himself.