Russia’s central bank, the Bank of Russia, has advised businesses to implement “multiple choice solutions,” including the use of cryptocurrencies and other digital assets, to manage payments with foreign partners and mitigate the impact of Western sanctions following the Ukraine conflict.

Elvira Nabiullina, the Russian central bank governor, acknowledged that payment issues are a critical challenge for the Russian economy. At a financial conference in St. Petersburg, she emphasized that new financial technologies offer previously unavailable solutions. The central bank governor explained:

New financial technology creates opportunities for schemes which did not exist before. This is why we softened our stance on the use of cryptocurrencies in international payments, allowing the use of digital assets in such payments.

Nabiullina highlighted the adaptability and resourcefulness of businesses, saying: “Different alternatives are being discussed. Businesses have become very flexible, very enterprising. They find ways to solve this and often don’t even share them with us.”

In recent weeks, Russia’s robust trade relationships with countries such as China, India, the United Arab Emirates (UAE), and Turkey, which have not imposed sanctions, have encountered significant difficulties. New Western sanctions have particularly targeted major Russian financial entities, including the Moscow Stock Exchange and the nation’s alternative to the SWIFT global payments system.

The Russian central banker also pointed out that Russia’s trade partners are experiencing “tremendous pressure” but expressed optimism that a new global payments system, independent of Western institutions, would eventually develop, as many countries feel vulnerable relying on a single international payment system without alternatives.

Nabiullina additionally discussed international cooperation, noting that BRICS countries are in talks to establish the BRICS Bridge payments system. This multilateral digital settlement and payment platform aims to connect the financial systems of BRICS member countries and boost mutual trade. However, she cautioned that these discussions are complex and that developing such a system will take time. The BRICS group has recently expanded to include ten countries. The original members — Brazil, Russia, India, China, and South Africa — have been joined by Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.

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