China’s Yuan-Centred Payment Network No Match Yet for US-Dominated Global Financial System: Experts

To date, there is no “smoking gun evidence” that Russian institutions have used CIPS to transact and “meaningfully” evade sanctions imposed by the US, according to Emily Jin of the Centre for a New American Security, a think tank.

“But that’s the fear right down the line … for entities to be able to practice that,” Jin said at a virtual event hosted by the Peterson Institute for International Economics in Washington on Wednesday.

Felix Chang, a visiting law professor at the Ohio State University, agreed no direct line could be drawn at present between CIPS and sanctions evasion.

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