MKB took part in Russian-Chinese Financial Council meeting

24.06.2022

Credit Bank of Moscow (MKB) took part in an annual meeting of the Russian-Chinese Financial Council (the “RCFC”) supported by Harbin Bank. The meeting discussed Sino-Russian commercial and economic cooperation in the Far East and financing in national currencies. As always, it brought together key Russian and Chinese banks. Since 2019, MKB has played a leading role in the RCFC.

Speaking at the meeting, Vadim Timohin, Vice President of MKB's International Business Directorate, noted: "We see regional banks of China supporting the development of trade and economic relationships with Russia. There are opportunities to carry out trade in yuan, develop joint infrastructure and production projects, whether in the Far East or elsewhere. MKB has long been working in this region, we financed the construction of a state-of-the-art customs and logistics terminal at Kanikurgan and the world's first cross-border cable-way between China and Russia. MKB also proposed to work on enabling Russian banks to provide long-term yuan financing".

The RCFC is a dedicated platform founded in October 2015 to share experience and discuss topical issues related to the establishment and development of Sino-Russian financial relationships. It comprised 17 Russian and 18 Chinese banks, investment companies and funds. Now it has more than 50 participants, whose total assets exceed USD 1 tln. Its mission is to facilitate communication between Russian and Chinese financial institutions and promote banking ties between the two countries. This would pave the way for bringing Sino-Russian commercial and economic relations to a new level.