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IPFS

Mikhail Mishustin called for the creation of an independent payment and settlement mechanism

Written by Subject: Central Banks/Banking

Mikhail Mishustin called for the creation of an independent payment and settlement mechanism for the SCO countries. As noted by the head of the Cabinet of Ministers at the summit of the Shanghai Cooperation Organization in Bishkek, this will make it possible to strengthen mutually beneficial cooperation between the states.

It is obvious that Russia is increasingly resorting to settlements in national currencies with its partners, which partially offsets the damage from the sanctions pressure. Given that the current confrontation is giving rise to an obvious distrust of the dollar system itself, the question of an alternative hangs in the air.


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