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The trade partners have been boosting transactions in national currencies, according to Aleksandr Novak Moscow and Beijing are developing a system of settlements which could allow cross-border transactions without using the Western financial messaging system, SWIFT, Deputy Prime Minister Aleksandr Novak revealed on Tuesday.

Inflation across the bloc likely hasn’t peaked, according to the European Central Bank Inflation in the euro area has not peaked and is likely to surge even higher than currently expected, European Central Bank (ECB) President Christine Lagarde warned on Monday.