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Russia starts creating its own payment system and adopts experience from China - EastRussia | Far East

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Russia begins creating its payment system and adopts experience from China

In connection with the situation in Ukraine, the USA applied restrictive sanctions to Russia, in particular, the international credit and payment system blocked functions for several Russian banks. This made Russia fully feel the need to create its own state payment system. The Chinese payment banking system has become an example that Russia plans to adopt.

The Committee on the Financial Market of the State Duma of the Russian Federation believes that the solution to the problem lies in cooperation with the payment system China Union Pay. “In just ten years, China Union Pay, which in 2006 was only the representative of Visa and MasterCard, has become an independent international brand. I think that this experience should be adopted by Russia, ”says Boris Kashin, a member of the financial market committee.

Undoubtedly, joint work in the financial sphere will raise Russian-Chinese relations to a new level. "Surely, one thing can be said: US sanctions precisely stimulate cooperation between the Russian side and China Union Pay", - economist Jacob Mirkin thinks.