The official advised developing a variety of payment methods in the context of international sanctions:
“Swaps, including those of central banks, some clearing systems, the use of crypto – everything needs to be tested. Everything needs to be tried as quickly as possible.”
The First Deputy Chairman of the Bank of Russia emphasized: if Russian companies do not have the opportunity to carry out normal settlements with foreign partners, the economy will cease to function normally:
“For our export- and import-dependent country, this is simply all, this is death.”
Due to the risk of falling under secondary sanctions from the US and the EU, a number of banks from so-called friendly countries have stopped servicing transactions involving Russian counterparties. The latest case was the refusal of a subsidiary of Bank Of China to accept payments in yuan from Russian companies from June 24.
Earlier, Bloomberg, citing top managers of several Chinese and Russian companies, reported that at least two of the largest metal producers, both of which are not under sanctions, began to regularly use USDT stablecoins for cross-border payments.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
