Samson » March 6th, 2022
After “MasterCard and Visa” suspended their services… Russian banks find solutions in China
6th March, 2022
The Russian “Alpha Bank” announced that it is currently working on launching the issuance of cards based on the Chinese “UnionPay” payment system, which will be able to be used in 180 countries around the world.
A statement issued by the bank and published on its page on “Telegram” stated: “We have started work on launching cards based on “UnionPay” which is a Chinese national system of payments. It can be used for payment in 180 countries worldwide.”
For his part, the Russian economist, Mikhail Belyaev, expressed his belief that the reduction of “MasterCard” and “Visa” in Russia will not affect in any way the Russian economy, saying: “It is not about stopping the operation of the system completely, because this system has some working Banks This means that separate banks use this system to issue their cards that are presented to their customers.
Because these banks operate inside Russia and are subject to Russian laws and use this system inside the country, MasterCard and Visa cannot provide their conditions.
The company, “MasterCard”, previously announced the suspension of its bank card services in Russia, while the “Visa” company said that it intends to suspend its services in Russia as well within days. LINK
The Chinese Yuan Is An Alternative To The Dollar In Russia
6th March, 2022
In an interview with Prime Agency, Grigory Sosnovsky, director of the regional network for working with wealthy clients “BCS World Investments”, indicated that the yuan is the best alternative to the dollar in the Russian markets.
The expert believes “the yuan” is the best alternative to the dollar, but at the same time, he points out that with the exchange of the Chinese currency, some difficulties may arise, which do not usually arise with the Swiss franc, adding that if a person does not have a mission or goal of storing money, therefore, the yuan is more liquid in the Russian market than the dollar and the euro, according to “moslenta”.
“Of course, in the long run, the Swiss franc is preferred over the yuan in terms of stabilizing dynamics, since the Chinese economy is not as diversified as the Swiss economy, and it is also subject to high geopolitical risks,” Sosnowski said.
While the director of the regional network described that gold may be another alternative, recalling that at the present time the value-added tax of 20 per cent on the purchase of this precious metal has been abolished.
The issue of converting apartment prices into dollars, which was promoted at the end of last February, received a reaction from real estate owners, while real estate agencies in Moscow denied the data that appeared earlier on the network. LINK
Expectations that the price of a barrel of oil will reach 185 dollars
6th March, 2022
Economic analysts expected, on Sunday, that oil prices will continue to rise more than they are now this week due to the delay in concluding the Iranian nuclear talks, which makes it likely that Iranian crude will return to global markets that are already experiencing turmoil.
And Reuters news agency quoted Amrita Sen, co-founder of the Energy Aspects research institute, as saying that “Iran was the only factor supporting the drop in prices that hangs over the market, but if the Iranian agreement is delayed now, we may consume stocks more quickly.”
He noted that it would take Iran several months before oil flows were restored even if the nuclear deal was reached. He explained that Brent crude may rise to 125 dollars a barrel on Monday, quickly approaching its highest level ever, which it recorded at 147 dollars in 2008.
The price of Brent crude rose last week by 21% to reach 118.11 dollars per barrel at the end of trading, and US crude increased 26% to 115.68 dollars per barrel, which are price levels that have not occurred since 2018 and 2008, respectively.
While analysts from JB. Morgan last week that the price of oil may rise to 185 dollars a barrel this year.
Source: Dinar Recaps
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