Most Likely It Is ...

 ... in final stages of completion, if not already and it was easy to predict. 

Russia and China are working to set up a securities depository to rival Belgium-based Euroclear and Clearstream, Finance Minister Anton Siluanov has said. In an interview with Izvestia published on Thursday, Siluanov said it is important to build “an independent payment infrastructure” in response to Western sanctions. Russian investors previously held funds at European clearing houses through Russia’s National Settlement Depository (NSD). Euroclear and Clearstream stopped transactions with NSD and froze its accounts after sanctions were imposed against it in mid-2022, preventing investors from accessing their assets. The Bank of Russia has estimated that around 5.7 trillion rubles ($66.8 billion) remains blocked. Siluanov said the role of a new depository would be assumed by a planned Shanghai Cooperation Organization (SCO) Development Bank, which would enable Russians to invest in foreign assets and foreign investors to finance projects in Russia.

Schizophrenic behavior of Trump's economic team could be explained, at least partially, by the recognition of the impact of this bank and clearing system, especially against the background of kindergarten child's sanctions tantrum by Trump against Russia's energy sector. India is under this constant pressure and we will see where it is all going soon enough, but if this bullying (and BS) by the US energy sector, which is behind this sanctions diarrhea, continues, the US will not be able to settle in any kind productive cooperative energy relations with Russia and will be limited only to LNG exports. It can forget about North Slope of Alaska because there is nothing on the horizon currently in the US which even remotely approaches Russia's (constantly growing) Arctic capabilities, which would allow developing that enormous field, and the nuclear ice-breaker fleet is just one out of many factors underpinning the US' (and EU) Arctic impotency. Any talk about Scandinavians having any real capability in Arctic--is for amateurs. 

Meanwhile, Bill Gates finally apologizes.

So, you know))