Russia and China planning clearinghouse to avoid West – Moscow

The project is aimed at building a payment infrastructure independent of the West, Finance Minister Anton Siluanov said

Russia and China are working to set up a securities depository to rival Belgium-based Euroclear and Clearstream, Finance Minister Anton Siluanov has said.

In an interview with Izvestia published on Thursday, Siluanov said it was important to build “an independent payment infrastructure” in response to Western sanctions.

Russian investors previously held funds at European clearing houses through Russia’s National Settlement Depository (NSD). Euroclear and Clearstream stopped transactions with NSD and froze its accounts after…

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