Russia-Ukraine conflict is getting deeper day by day. Since the war broke out many countries with the USA have tried to punish Russia with multiple sanctions. The restrictions were an attempt to hit the Russian financial system. However, China came forward to present an alternative to SWIFT. Now Russian Deputy Foreign Minister, Sergei Ryabkov expressed that China is their reliable partner.
China comes to rescue Russia amid Global sanctions
First, US and allies approved blocking several Russian banks from using SWIFT, the system which enables bank transactions. Then Visa, Mastercard, and American Express decided to block Russian banks. However, China has presented an alternative to SWIFT.
According to Russia’s central bank, local lenders will be able to use China’s UnionPay system which operates in over 180 countries. Adding on, the Russian Federation officials feel satisfied with the dialogues with China.
RUSSIA’S RYABKOV SAYS RUSSIAN FEDERATION IS SATISFIED WITH THE DIALOGUE WITH CHINA, IT IS A RELIABLE PARTNER OF RUSSIA
— First Squawk (@FirstSquawk) March 12, 2022
Russian Deputy Foreign Minister has claimed that the list of Russian Sanctions in reply to the US and allies is ready. He has also informed Washington that weapons supply convoys to help Ukraine are ‘legitimate targets’ for their Military.
Russian Deputy Foreign Minister Ryabkov claims that Russian sanctions lists against the #US and Western countries are ready.
— NEXTA (@nexta_tv) March 12, 2022
Is Crypto market affected by Russia-Ukraine conflict?
Sanctions also generated theories regarding cryptocurrency becoming an alternative for Russia in these hard times. Moreover, many Crypto coins saw high trading volume to match the speculations, while Russia’s Ruble went for its all-time low. Many experts made it clear that it is very difficult for Russia to take the help of digital assets to evade the sanctions.
The world’s largest cryptocurrency, Bitcoin’s trading spiked after the war broke out but since then it has remained flat. BTC’s price has seen a marginal decline of 0.30% in the last 7 days while its price has plunged by 13% percent in the last 30 days.
It is hard to say that the Russian population is in a hurry to trade their native currency into digital currencies. On the other hand, Ukraine is utilizing cryptocurrency in the form of donations to hold the fight against Russia. It seems like if the Union of some nations is supporting Ukraine then China is standing with solidarity with Russia,
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.