Russia and China Working on Joint Settlement Systems

Putin confirmed Russia and China are teaming up on financial settlement systems during his talk at the Eastern Economic Forum. Sanctions are making things tricky. Still, he seems pretty confident they'll figure it out.

"The payment system needs work. We're on it. Financial institutions are busy with this at all levels," Putin said, according to TASS.

He mentioned challenges exist. Financial institutions face sanctions pressure. Solutions are coming. Putin kept details vague—probably to avoid complications down the road.

This comes right after his meeting with Xi Jinping. The two countries are getting closer. West isn't happy. Ukraine conflict looms large. Trade tensions bubble beneath the surface.

No More Visas Needed

Putin thanked Chinese leadership for dropping visas for Russians. Kind of a big deal.

"Not an ordinary decision. It affects hundreds of thousands, maybe millions of our citizens," he told Li Hongzhong, a high-ranking Chinese Politburo member.

Russia plans to do the same for Chinese visitors. Travel will get easier.

New Ways to Pay

Russia's under financial restrictions. Sanctions hit hard after Ukraine. They're looking for workarounds. Crypto isn't fully legal yet, except for some cross-border trade. They've been pushing their own card system, QR payments, and digital ruble.

VTB Bank's CEO Andrey Kostin revealed plans for using Mir cards and QR codes in China. QR codes might be easier to implement. Banks are nervous about sanctions.

"We're working on one of the most promising areas—QR codes. In China, it's practically the number one payment instrument," Kostin said on Russia-1 TV.

Bank cards aren't that big in China. The country officially uses metric but still keeps traditional measurements in daily life. Russians might still want their Mir card when visiting China. Tourist numbers are growing.

"Chinese have their own card. We need to work on this actively. Demand exists—it'll produce results," Kostin emphasized.