VTB Bank and Bank of China Sign an Agreement that Restricts U.S. Dollar Settlements
Posted Thursday, May 1, 2014 at 12:00am
In May 2014, Bank of China and VTB Bank signed an agreement that permits them to pay each other in the ruble and renminbi (yuan) for all settlements, which is perceived to be a strategy to bypass use of the U.S. dollar in their bilateral relationship. Other parts of the agreement included investment banking, inter-bank lending, trade finance and capital markets transactions. Both countries have discussed measures to undercut the dollar‘s global influence and power.