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Putin calls for switch to national payments platforms in trade with China, Mongolia

This will maximally secure settlements between the states from external risks, the Russian president stressed

SAMARKAND, September 15. /TASS/. Russia’s President Vladimir Putin has called for a switch to national payments platforms in trade with China and Mongolia wherever possible.

"The growth of mutual trade exchanges is undoubtedly facilitated by the consistent policy of our three countries to expand the use of national currencies in commercial settlements," Putin said on Thursday. He was speaking at a trilateral meeting with the leaders of these countries on the sidelines of the SCO summit in Samarkand.

He noted that earlier on Thursday at a bilateral meeting with Xi Jinping, they stated with satisfaction that in the first quarter of this year, the share of settlements in national currencies in Russia's trade with China had grown to 27.5%.

"In this context, it would be important, wherever possible, to switch to national payment platforms, such as the financial messaging system of the Bank of Russia and the Chinese system of cross-border payments," the Russian President noted.

"This will make it possible to maximally secure settlements between our states from external risks, including political ones," he stressed.

According to the Russian leader, it is necessary to encourage further development of multifaceted cooperation between the business circles of the three countries, in particular as part of interregional and cross-border cooperation.