from RT:
The project is aimed at building a payment infrastructure independent of the West, Finance Minister Anton Siluanov has said
Russia and China are working to set up a securities depository to rival Belgium-based Euroclear and Clearstream, Finance Minister Anton Siluanov has said.
In an interview with Izvestia published on Thursday, Siluanov said it is important to build “an independent payment infrastructure” in response to Western sanctions.
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Russian investors previously held funds at European clearing houses through Russia’s National Settlement Depository (NSD). Euroclear and Clearstream stopped transactions with NSD and froze its accounts after sanctions were imposed against it in mid-2022, preventing investors from accessing their assets.
The Bank of Russia has estimated that around 5.7 trillion rubles ($66.8 billion) remains blocked.
Siluanov said the role of a new depository would be assumed by a planned Shanghai Cooperation Organization (SCO) Development Bank, which would enable Russians to invest in foreign assets and foreign investors to finance projects in Russia.
