‘China Track’ bank netting system shields Russia-China trade from Western eyes

‘China Track’ bank netting system shields Russia-China trade from Western eyes

The aim is to reduce payments’ visibility to Western regulators and mitigate the risk of secondary sanctions. Read more at straitstimes.com.

Russia and China have introduced an innovative bank settlement system called "China Track." As reported by Reuters, the new mechanism allows the two countries to trade with each other while bypassing the Western financial system and international supervision.

Russia and China have developed a bank settlement system called "China Track." The solution, Reuters reports, allows mutual trade to be conducted bypassing the Western financial system and international supervision.

The main Russian banks have created a payment compensation system called the "China Way" for transactions with China with the aim of reducing its visibility to Western regulators and mitigating the risk of secondary sanctions, according to Reuters.Russian trade with China reached a record $245 billion last year, despite payment problems and commissions of up to 12%, as Chinese banks had become too cautious to do business with Russia and jeopardi…

‘Underground’ Banking System Set up For China-Russia Trade

Banking sources say the net payments system is designed for large corporations and works directly with 11 Chinese provinces