Russian Bank Successfully Bypasses SWIFT Using Chinese Yuan

Russian state-owned bank VTB announced on Tuesday that it had become the first Russian bank to launch money transfers to China using yuan currency without the international messaging system SWIFT.

Demand for yuan in Russia has increased since February 24 when Moscow initiated its special operation in Ukraine which led to western sanctions on the Kremlin, including limitation on dollar and euro usage, as well as the ban on using the international messaging system SWIFT that allows an execution of financial transactions and payments between banks globally.

VTB CEO Andrei Kostin said in a statement that is a start leading to a massive rejection of the use of the dollar and the euro in international payments.