Sanctioned Russian bank bypasses SWIFT ...News

State lender VTB launches transfers in Chinese yuan One of Russia’s top banks, VTB has become the first lender in the country to launch money transfers to China in yuan, sidestepping the global financial messaging system SWIFT. “The new reality is leading to a massive abandoning of the use of the US dollar and the euro in international payments,” VTB CEO Andrey Kostin said in a statement, highlighting the importance of creating and developing payment systems as an alternative to SWIFT. “We are the first Russian bank to install an alternative cross-border bank transfer service with China and plan to increase the vo

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