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Showing posts with label bilateral trade. Show all posts
Showing posts with label bilateral trade. Show all posts

Thursday, March 30, 2017

Russia may soon take new 'SWIFT' type platform and expand it through gold payments and bi-lateral trade

Last week we wrote about Russia finally completing its alternative payment system that now makes it virtually invulnerable to any economic warfare performed by the U.S. through the global SWIFT system.  In fact, it has been this exact type of sanction that has stifled economies in Iran, Iraq, North Korea, and even the former Soviet Union during the Cold War.

But while on the surface Russia has indicated that their primary purpose for implementing their new payment system was to defend against the U.S. cutting them off from access to dollars through SWIFT, the fact that they have created several different new economic coalitions over the past five years means that the now have the power to do even more than just protect against U.S. economic aggression.

In fact, since they have also become the world's top energy producer and distributor, as well as one of the largest holders of gold on the planet, Moscow is prepared to even use their new payment system to collapse the petrodollar and turn the tables on America's domination through its 40+ year control over the reserve currency.

During a meeting with Russian President Vladimir Putin last Wednesday, Central Bank governor Elvira Nabiullina stated that: 
“There were threats that we can be disconnected from SWIFT. We have finished working on our own payment system, and if something happens, all operations in SWIFT format will work inside the country. We have created an alternative.” 
The alternative system, known by its abbreviation SPFS, is analogous to SWIFT for financial transactions taking place in Russia and has been in the works for years, with 330 Russian banks connected over a year ago. This number will likely increase now that it has been successfully developed and implemented. Nabiullina also added during the meeting that 90 percent of ATMs in Russia are now compatible with Mir, a Russian version of the Visa and Mastercard payment systems that is used domestically. However, the SPFS is still far from perfect, not operating from 9 pm to 5 am Moscow time and with a transfer cost of 5 cents per transaction. 
Whether Russia’s aim in creating and implementing an alternative to SWIFT is based chiefly on protecting its own economy or not, the move further illustrates how the concentration of international power is steadily moving eastward. Along with parallel efforts by China and other BRICS nations, U.S. and Western economic hegemony is unraveling, a stark reality that U.S. interests - particularly those of the “deep state” - are desperate to avoid. - Mint Press News
However using this new SPFS system for sovereign and bi-lateral payments may be just the first step, as rumors of it connecting with China's CIPS system to create an eventual gold backed monetary system are already on the radar.

According to an article published yesterday by Sputnik, progress made in promoting bilateral trade in yuan is the first step towards an even more ambitions plan — using gold to make transactions: 
The clearing center is one of a range of measures the People's Bank of China and the Russian Central Bank have been looking at to deepen their co-operation. One measure under consideration is the joint organization of trade in gold. In recent years, China and Russia have been the world's most active buyers of the precious metal. 
On a visit to China last year, deputy head of the Russian Central Bank Sergey Shvetsov said that the two countries want to facilitate more transactions in gold between the two countries. 
The possibility of trading in gold has been discussed by Russian officials over the last year. Last April, First Deputy Governor of the Russian Central Bank Sergey Shvetsov told TASS: 
“BRICS countries are large economies with large reserves of gold and an impressive volume of production and consumption of this precious metal. In China, the gold trade is conducted in Shanghai, in Russia it is in Moscow. Our idea is to create a link between the two cities in order to increase trade between the two markets." - Russia Insider

Friday, March 17, 2017

Russia and Japan show that the future of bilateral trade may involve ditching sovereign currencies in favor of digital ones

With banks working feverishly to creating blockchain based currencies for use in interbank settlements, a new idea on March 17 may spell an even greater future for sovereign use of digital money.

This is because both Russia and Japan may soon be planning to experiment with the creation of a digital currency in their joint bi-lateral economic agreements over the contested Kuril Islands.

Russia, or rather the former Soviet Union, had co-opted the islands from Japan at the tail end of World War II.  And ever since that time Japan's desire for their repatriation had been a major stumbling block in relations between the two countries.

But late last year Russia offered to allow Japan the opportunity to play a significant role in the economic expansion of the Kuril Islands, similar in ways to how Turkey and Greece politically deal with the ownership of Cyprus.  And at the center of this agreement is the foundation to make the islands into a jointly run economic enterprise.

Yet one of the biggest road blocks in this agreement was in determining which currency would dominate the economy... ie... the ruble or the yen.  And it is here that Japan is now suggesting the creation of an entirely new digital currency that would be unique to the islands and the trade agreement, and through which it could be easily transferable into whichever currency customers and retailers desired.

Japanese Prime Minister's Shinzo Abe  and Russian President Vladimir Putin

Image Courtesy of Sputnik/ Alexei Druzhinin
Tokyo has prepared a range of offers to Moscow for joint economic projects on Russia's Kuril Islands, according to Japan's national broadcaster NHK. 
The package of proposals, including tourism and fisheries, as well as a common electronic currency, will be presented during the Russia-Japan consultations on March 18 in Tokyo. 
According to NHK, the new regional currency could be used instead of the Russian ruble and the Japanese yen and is expected to contribute to the development of the southern Kurils and the northern Japanese island of Hokkaido. 
Russian Foreign Ministry spokeswoman Maria Zakharova said on Thursday that Moscow is ready to review Tokyo’s proposals, adding that all the projects must comply with Russian law. 
"Of course, we believe such projects can only be implemented if they are not inconsistent with Russian law. We are ready to assess Japan’s proposals," she said. 
Agreement on joint Russian-Japanese economic activities in the South Kuril Islands was reached in December during President Vladimir Putin’s visit to Tokyo. In February, Japan established a special Council to consider cooperative projects in fisheries, seafood, tourism, environmental protection, and health in the economic zone. - Russia Today