Major Russian banks from the sanctions list have developed the "China Track" system for settlements with China, Reuters reports. This technology allows payments to be made through a network of intermediaries in friendly countries, protecting them from the attention of Western regulators. In 2023, trade between Russia and China reached a record $245 billion, despite payment difficulties and commissions of up to 12%. The new system reduces costs to 1% for imports and 0.5% for exports, compared to 2–4% outside the system and up to 12% at the height of the problem last year.
The system operates without SWIFT and Western banks, using intermediaries in 11 Chinese provinces that produce goods for Russia. Payments are made through verified agents, and banks guarantee their completion.
The cost is calculated based on the official exchange rate without markup. Money arrives in two days without failures
In April, Elvira Nabiullina, head of the Central Bank of the Russian Federation, emphasized that alternative payment channels are actively developing.
"To date, all monetary transactions are proceeding without any problems; there has not been a single case of funds being returned. As a rule, money arrives within two business days," said another banker involved in the system.
However, the system is geared towards large companies, requires authorization for each payment, and faces problems with VAT refunds. Currently, one settlement session is held per week, but it is planned to increase them to two from the end of April. The technology demonstrates stability, supporting trade without delays.
The "China Track" is an example of adapting financial technologies to circumvent restrictions. Compared to traditional methods, where commissions reached 12%, the new system saves money and time. Similar solutions, such as payment systems via cryptocurrencies or national payment gateways, are also developing in friendly countries, but the "China Track" stands out for its low costs and reliability, which strengthens trade ties between Russia and China.
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