SCO & BRICS latest news and insights
— In-depth analysis and comments

By Rhod Mackenzie

On February 21, experts interviewed by Izvestia explained that the three largest banks in China, Industrial and Commercial Bank of China, China Construction Bank, and Bank of China, have stopped accepting payments from Russian sanctioned financial organizations due to the risk of...

By Rhod Mackenzie

The Mir card, CNAPS, and CIPS are financial messaging systems used for national domestic and cross-border interbank payments in Russia, China, and Iran respectively. These systems were seen as potential alternatives to the Western-dominated payment systems. However, this percepti...

By Rhod Mackenzie

The Deputy Foreign Minister of the Russian Federation, Andrei Rudenko, expressed confidence that all issues regarding settlements between Russia and China, including those related to the financial messaging system (SPFS), will be resolved.

Rudenko denied any indication that Chi...

By Rhod Mackenzie

The share of settlements between Russia and the BRICS countries in national currencies in 2024 will most likely remain at the level of 85%, but there is also the possibility of a slight increase, Maxim Markov commented to RIA Novosti, he is an Associate Professor of the Departme...

By Rhod Mackenzie

The Russian Finance Minister Anton Siluanov emphasized the importance of sustainable financial relations and settlements within the BRICS organization for all member states during the Russia-China Financial Dialogue forum in Beijing on Monday.

Siluanov met with his Chinese coun...

By Rhod Mackenzie

The emphasis on the use of the yuan in bilateral settlements with China is inevitable, but the share of the ruble in them is also growing, the Russian Economic Development Minister Maxim Reshetnikov told reporters in Beijing.

According to him, in bilateral agreements with China...