Ukraine invasion: Swift ban, sanctions cut Russian economy from the world. Will China’s yuan payment system offer a lifeline?

Mar 1, 2022 | INVESTING

China is unlikely to allow Russian banks banned from the Swift financial messaging system to use its own cross-border payment network to circumvent sanctions, as Beijing is cautious about provoking punitive action from the United States and European Union, analysts said.The US and its Western allies have decided to exclude selected Russian banks from Swift as part of a package of sanctions aimed at pressuring Moscow to abandon its invasion of Ukraine.Banning Russia from the financial messaging…

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