The country is intent on expanding cooperation with the Global East and South instead, Boris Titov says Russia is firmly focused on reorienting trade and business cooperation toward the Global East and South and away from the West, Presidential Business Rights Commissioner Boris Titov told RIA Novosti in an interview published on Monday.

The sanctioned countries no longer need the Western system for transactions, the deputy head of the Central Bank of Iran has announced Iran and Russia have officially switched from the West’s SWIFT financial clearing system to a direct interbank transfer mechanism, the deputy head of the Central Bank of Iran (CBI) has said.

Washington’s microchip export controls are destroying global supply chains, Beijing has claimed Restrictions imposed by the US on exports of computer chips to China go beyond the concept of national security and destroy supply chains, Chinese Foreign Ministry spokesperson Mao Ning said on Monday.