this post was submitted on 23 Apr 2025
24 points (92.9% liked)

Europe

5829 readers
1070 users here now

News and information from Europe ๐Ÿ‡ช๐Ÿ‡บ

(Current banner: La Mancha, Spain. Feel free to post submissions for banner images.)

Rules (2024-08-30)

  1. This is an English-language community. Comments should be in English. Posts can link to non-English news sources when providing a full-text translation in the post description. Automated translations are fine, as long as they don't overly distort the content.
  2. No links to misinformation or commercial advertising. When you post outdated/historic articles, add the year of publication to the post title. Infographics must include a source and a year of creation; if possible, also provide a link to the source.
  3. Be kind to each other, and argue in good faith. Don't post direct insults nor disrespectful and condescending comments. Don't troll nor incite hatred. Don't look for novel argumentation strategies at Wikipedia's List of fallacies.
  4. No bigotry, sexism, racism, antisemitism, islamophobia, dehumanization of minorities, or glorification of National Socialism. We follow German law; don't question the statehood of Israel.
  5. Be the signal, not the noise: Strive to post insightful comments. Add "/s" when you're being sarcastic (and don't use it to break rule no. 3).
  6. If you link to paywalled information, please provide also a link to a freely available archived version. Alternatively, try to find a different source.
  7. Light-hearted content, memes, and posts about your European everyday belong in !yurop@lemm.ee. (They're cool, you should subscribe there too!)
  8. Don't evade bans. If we notice ban evasion, that will result in a permanent ban for all the accounts we can associate with you.
  9. No posts linking to speculative reporting about ongoing events with unclear backgrounds. Please wait at least 12 hours. (E.g., do not post breathless reporting on an ongoing terror attack.)
  10. Always provide context with posts: Don't post uncontextualized images or videos, and don't start discussions without giving some context first.

(This list may get expanded as necessary.)

Posts that link to the following sources will be removed

Unless they're the only sources, please also avoid The Sun, Daily Mail, any "thinktank" type organization, and non-Lemmy social media. Don't link to Twitter directly, instead use xcancel.com. For Reddit, use old:reddit:com

(Lists may get expanded as necessary.)

Ban lengths, etc.

We will use some leeway to decide whether to remove a comment.

If need be, there are also bans: 3 days for lighter offenses, 7 or 14 days for bigger offenses, and permanent bans for people who don't show any willingness to participate productively. If we think the ban reason is obvious, we may not specifically write to you.

If you want to protest a removal or ban, feel free to write privately to any of the mods: @federalreverse@feddit.org, @poVoq@slrpnk.net, or @anzo@programming.dev.

founded 10 months ago
MODERATORS
 
  • Major Russian banks set up netting system for China trade
  • Aim is to cut risk of secondary sanctions
  • System has lower commissions, is set to expand
  • Xi due to visit Russia in May, meet Putin

Major Russian banks have set up a netting payments system dubbed "The China Track" for transactions with China, aiming to reduce their visibility to Western regulators and mitigate the risk of secondary sanctions.

[...]

Russia's trade with China hit a record $245 billion last year despite payment problems and commissions running as high as 12%, as Chinese banks had grown too cautious to do business with Russia and jeopardise their ties with the United States.

[...]

The issue had become so important that Russian President Vladimir Putin and China's President Xi Jinping discussed it during Putin's visit to China in May 2024, which was aimed at cementing the two countries' 'no limits' partnership.

Xi is set to take part in Russia's Victory Day parade on May 9, but his visit is now taking place amid China's trade war with the United States, making the booming trade with Russia and other non-Western nations more important.

[...]

The new system has been set up by major sanctioned banks and involves a web of intermediaries registered in countries that Russia considers friendly. The system has been in place for some time and has not yet suffered any major setbacks.

Each bank runs several verified payments agents, some of whom handle payments for exports, and some for imports. All payments are then netted centrally at the bank with all the counterparties involved receiving their money.

The banks settle trade in both directions, said market sources, who spoke on condition of anonymity due to the sensitivity of the issue.

[...]

top 2 comments
sorted by: hot top controversial new old
[โ€“] MaggiWuerze@feddit.org 1 points 2 weeks ago (1 children)

this headline makes me glad my own language has proper capitalization for nouns

[โ€“] AFC1886VCC@reddthat.com 2 points 2 weeks ago

I had to read it 3 times to understand what it was saying