Western sanctions led Russia to greatly increase trade with Asia, while devastating Europe’s economy. The US tech war against China is damaging its own industry. by Renate Bridenthal Part 6 - Western sanctions accelerate development of new financial systems One of the ways to avoid primary and secondary sanctions is by trading in local currencies, rather than by using SWIFT (Society for Worldwide Interbank Financial Telecommunications), a member-owned system made up of banks and financial institutions worldwide, widely used for transactions that are denominated in dollars. SWIFT blocks payments that breach U.S. sanctions. Thus, more and more countries are trading in other currencies. Russia trades with India in rubles and rupees, and with China in rubles and renminbi. Also trading in national currencies are members of the Shanghai Cooperation Organization, which includes China, India, Pakistan, Russia, Iran, and numerous Central Asian states, making up half the world’s population.