09-06-2022, 07:56 PM
![[Image: 2022-09-06t103117z_1_lynxmpei850hi_rtrop...k=p6f7NH8S]](https://onecms-res.cloudinary.com/image/upload/s--JGoRI8LV--/c_crop%2Ch_450%2Cw_800%2Cx_0%2Cy_8/c_fill%2Cg_auto%2Ch_468%2Cw_830/fl_relative%2Cg_south_east%2Cl_one-cms:core:watermark:reuters%2Cw_0.1/f_auto%2Cq_auto/v1/one-cms/core/2022-09-06t103117z_1_lynxmpei850hi_rtroptp_3_ukraine-crisis-russia-china-vtb.jpg?itok=p6f7NH8S)
MOSCOW: VTB said on Tuesday (Sep 6) that it had become the first Russian bank to launch money transfers to China in yuan without using the international messaging system SWIFT that underpins financial transactions globally.
Demand for the yuan in Russia has increased since Feb 24 when Russia sent tens of thousands of troops into Ukraine and the West imposed sanctions against Moscow, limiting its access to the dollar and euro markets.
The sanctions on major Russian banks, including state-controlled VTB, have effectively cut lenders off from the global financial system.
"The new reality is leading to a massive rejection of the use of the dollar and the euro in international payments," VTB CEO Andrei Kostin said in a statement.
"The launch of the yuan transfer system will significantly simplify the work of Russian companies and individuals with Chinese partners, increasing the popularity of the yuan in our country," he said.
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