Russia is working on an alternative to the SWIFT system. China helps her

After the Russian invasion of Ukraine, some Russian banks were excluded from SWIFT, a Belgian communications service that allows banks around the world to communicate about cross-border transactions. The embargo made it difficult to conduct cross-border transactions in the Russian trade and financial system, and isolated the country from an economic point of view.

Currently, both Russia and China are looking for alternatives to the hegemony of the US dollar.

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