Modern payment infrastructure of cross-border settlements of Russia and China

Plekhanov Russian University of Economics, Moscow, Russia

^* Corresponding author: Voronkova.EK@rea.ru

Abstract

The article reveals the features of the payment infrastructure of cross-border trade between China and Russia on the background of geopolitical risks. The authors emphasize the importance of organization and mechanisms of mutual payments between the two states. The risks of using international payment and clearing systems for Russia and China are noted. The development of national payment systems and national systems of financial information transmission in these countries are analyzed. The role and the transformation of traditional forms of payment mechanisms in Russian-Chinese cross-border settlements are defined. The purpose of the article is to perform system analysis and evaluate existing payment schemes today in trade between Russia and China. Methods. In this research methods of logistical and statistical analysis were used, which helped identify key trends, individual problems and prospects from this perspective. Results. Due to the global economy fragmentation and increased international competition, a fundamental reorientation of approaches to the organization of international trade settlements takes place as a factor of reducing the vulnerabilities of foreign economic activity. Novelty. The authors have systematized in details various ways of Russian-Chinese cross-border settlements, using elements of national payment systems that influence intercountry trade turnover, reducing global threats to national economies.