Russian bank found a way to avoid sanctions. They open accounts in Brazil
Sberbank is opening bank accounts in Brazil in Chinese currency. Russia's largest bank has been cut off from the SWIFT international payment system and is under sanctions. It is now looking for a way to launch new currencies for settlements in other countries.
Oct 5, 2023 | updated: 8:56 AM EDT, October 5, 2023
In early October, the Russian bank Sberbank, subject to western sanctions, reached an agreement with banks from Brazil concerning the opening of correspondent accounts in Chinese yuan - reports "Kommersant".
These actions aim to restore the international payment system disrupted by cutting off the bank from the SWIFT system. Sberbank is looking for a way to launch new currencies for settlements.
"In particular, we are talking about correspondence accounts in yuan in Brazilian banks. Direct correspondent relationships will allow for the optimization of payment service costs in the context of increasing foreign trade transactions between countries" - explains Kommersant.
Brazil or maybe China?
Representatives of the Russian state bank met with the management of leading state banks in Brazil in July, and among them were representatives of large federal banks: Banco de Brasil and Caixa.
As reported by Kommiersnat, Sbierbank also plans to open a branch in China by the end of the year.
