Russia-Ukraine war LIVE UPDATES: Why this American pizza maker is staying in Vladimir Putin’s Russia

Western nations have sought to punish Russia for invading Ukraine by imposing economic and financial sanctions and excluding some Russian banks from the omnipresent SWIFT messaging system, known as the Gmail of global banking.

Most banks that use CIPS still communicate via SWIFT, either out of habit or because they do not have the CIPS-specific messaging tool installed, or both, according to the Cross-Border Finance Research Institution, a Shanghai-based consultancy. The People’s Bank of China last year actually set up a joint venture with SWIFT to offer local network services and store message information in China.

It is unclear to what extent non-Chinese importers or exporters that do business with Russia would be willing to accept payment in yuan. For CIPS to be of any help to Russia in skirting the US financial system, Russia would have to be part of a yuan-centric financial system. That seems unlikely given China’s capital controls on its currency, which restrict the flow of funds in and out of the country.

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