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