Russian Kommersant website reported on May 26, about 30 Russian banks as indirect participants in CIPS. Due to the surge in cross-border payment volume (only VTB Bank's cross-border settlement increased by over 200% in the first quarter of 2023), Bank of Russia hopes to become a direct participant in the RMB cross-border payment system (CIPS).
At present, the only bank in Russia to obtain CIPS direct participation bank identity for the Industrial and Commercial Bank of China in Russia subsidiary. Other Russian banks cannot open an account in the CIPS system or send and receive information independently. They need to transfer information through the Russian subsidiary of ICBC.
Accessing CIPS is a complicated technical and legal process that requires not only the signing of relevant documents but also adjustments to the bank's internal systems. Some Russian banks have applied to join CIPS several months ago, but have yet to receive approval.