Russia, China find good solutions for payments — envoy

Russia and China have advanced significantly in establishing robust alternative payment mechanisms, effectively resolving tactical issues and now focusing on systemic financial independence from Western influence. Boris Titov, chairman of the Russian part of the Russia-China Committee of Friendship, Peace and Development, recently confirmed that immediate payment hurdles have been overcome, driven by intensified efforts to circumvent dollar-dominated systems. This marks a critical pivot in Moscow and Beijing's strategy to insulate their economies from geopolitical pressures and sanctions. This concerted push accelerated after Western sanctions excluded major Russian banks from SWIFT in 2022, prompting a dramatic surge in the use of national currencies—the ruble and yuan—for over 90% of bilateral trade by 2024-2026. Key to this shift are China's Cross-Border Interbank Payment System (CIPS) and its quietly launched Renminbi Digital cross-border payment system (Digital Yuan), which are seeing expanded adoption across Russia, ASEAN, and the Middle East. While Chinese banks delicately balance facilitating this trade against the risk of US secondary sanctions, both nations are also piloting the blockchain-based BRICS Bridge, designed to interconnect their Central Bank Digital Currencies and further reduce reliance on traditional correspondent banking. The deepening financial alignment, underscored by recent discussions at SPIEF 2026, signals a continued fracturing of the global financial architecture. As Russia solidifies its pivot to non-Western partners and China meticulously studies sanctions-proofing its own economy, the trajectory points towards a more multipolar payments landscape. The success and expansion of these parallel systems will determine not only the future of Russia-China economic ties but also set a precedent for other nations seeking to reduce their vulnerability to a dollar-centric global order.