西方制裁推動俄羅斯轉向中國

Western sanctions are pushing Russia to explore deeper financial links with China, according to Moscow’s deputy finance minister.

俄羅斯財政部副部長阿列克謝•莫伊謝耶夫(Alexei Moiseev)表示，西方的制裁正在推動俄羅斯探索與中國發展更深層次的金融聯繫。

Speaking to the FT during a trip to Beijing, Alexei Moiseev said Russia expected to sign a deal this year that would link China’s national electronic payment network into its own soon-to-be-launched credit card system as part of measures aimed at reducing reliance on the west.

莫伊謝耶夫在訪問北京期間告訴英國《金融時報》，俄羅斯預計今年將簽署協議，把中國的全國電子支付網絡與俄羅斯即將啓用的信用卡系統對接，作爲減少對西方依賴的措施之一。

The move is just one of a series of new measures aimed at integrating Chinese and Russian financial markets under discussion by Moscow and Beijing. Mr Moiseev candidly said these were being made more urgent by western sanctions on Russia.

此舉只是莫斯科和北京正在討論的推動中俄金融市場一體化的一系列新措施之一。莫伊謝耶夫坦承，西方對俄羅斯的制裁使這些措施變得更加迫切。

“The motivation has increased significantly,” Mr Moiseev said of the closer ties. “We are driven by outside [events] to develop bilateral financial links.”

“動力已顯著加大，”莫伊謝耶夫表示，“我們在發展雙邊金融聯繫方面受到外部事件的驅動。”

But the deputy finance minister declined to comment on whether Russia was in talks to issue sovereign debt in renminbi, as some bankers have said.

但這位副財長拒絕評論俄羅斯是否像一些銀行家所說的那樣，正在商談發行以人民幣計值的主權債務。

The agreement with Unionpay, which is usable in 141 countries according to its website, would ease the way for international acceptance of the “Mir” credit card that Russia plans to issue in 2016, said Mr Moiseev. “Clearly we would like our national plastic card system to be as internationally accepted as possible,” he said.

莫伊謝耶夫稱，與銀聯(UnionPay)——其官網稱該系統在141個國家可用——達成的協議，將爲俄羅斯擬在2016年發行的“Mir”信用卡獲得國際接受打通道路。“顯然，我們希望我們的全國塑料卡系統儘可能獲得國際接受，”他說。

Russia has sought to increase its exposure to China after US and EU sanctions over the Ukraine conflict largely cut the country off from western markets. The finance ministry has struggled to find western banks willing to underwrite a planned $3bn Eurobond after the US Treasury warned them off the deal.

在美國和歐盟因爲烏克蘭衝突而實施對俄製裁、基本上把俄羅斯擋在西方市場門外之後，俄羅斯尋求與中國加強聯繫。俄羅斯財政部最近找不到西方銀行願意承銷一隻30億美元的歐洲債券(Eurobond)，此前美國財政部警告這些銀行不要承接這單業務。

While both Visa and MasterCard continue to operate in Russia, they are banned from doing business with two Russian banks accused by the US of close links to the Kremlin. “The very possibility that Russian banks can be switched off from plastic cards have of course pushed us to make steps,” Mr Moiseev said.

儘管維薩卡(Visa)和萬事達卡(MasterCard)繼續在俄羅斯開展經營，但它們被禁止與美方指控與克里姆林宮有密切聯繫的兩家俄羅斯銀行開展業務。“俄羅斯銀行會被塑料卡系統排除在外的可能性當然推動我們採取相應步驟，”莫伊謝耶夫說。

Amid several rounds of negotiations over financial integration, many see Russia’s primary aim as access to China’s debt markets. Western sanctions mean many of Russia’s largest banks and corporations are unable to raise finance in dollars. Historically low oil prices have also hurt Russia’s economy and led to an increase in financing needs.

在俄中圍繞金融一體化展開數輪談判的背景下，很多人認爲俄羅斯的首要目標是進入中國的債務市場。西方制裁意味着，許多俄羅斯大銀行和企業無法以美元籌集資金。處於歷史低位的油價也重創了俄羅斯經濟，並帶來更大的融資需求。

Meanwhile, China is easing international access to its onshore bond market, estimated at some $6tr — the third largest in the world. Several western banks and corporates, including HSBC and Daimler, as well as South Korea, have over the past year issued so-called “panda bonds”.

與此同時，中國正向境外機構逐漸開放其在岸債券市場；據估計，該市場的規模達到大約6萬億美元，在世界上排名第三。過去一年裏，數家西方銀行和企業，包括匯豐(HSBC)和戴姆勒(Daimler)，還有韓國政府，發行了所謂的“熊貓債券”。

Bankers have told the FT that talks between Russia and China to issue a renminbi-denominated panda bond are under way, but Mr Moiseev declined to discuss the matter.

據銀行家們對英國《金融時報》透露，俄羅斯和中國正在商談發行一隻人民幣計價熊貓債券，但莫伊謝耶夫拒絕討論此事。

“I am deliberately not talking specifically about the Russian Federation borrowing in China or Chinese buying Russian government bonds in Russia,” he said.

“我有意不細談有關俄羅斯聯邦在中國借款、或者中方在俄羅斯購買俄羅斯國債的事情，”他說。

He said his trip to Beijing had the broader aim of promoting the integration of financial infrastructure. “I want to make it much more convenient for investors on both sides to invest,” he added.

他表示，他的北京之行帶着促進金融基礎設施一體化的更大目標。“我想使雙方的投資者在投資時都享有大得多的便利，”他補充說。

He pointed to other recent examples of integration including a dual-taxation treaty which would unlock cross-border investment by lifting taxation on capital gains and coupons. He said topics for discussion also included mutual recognition of credit ratings and auditing standards.

他指出近期其他一些一體化例子，包括一項雙重徵稅協定，它將通過取消對資本利得和利息徵稅來促進跨境投資。他表示，俄中討論的話題還包括相互承認信用評級和審計準則。