The Russian Central Bank has urged firms to consider various payment solutions, including cryptocurrencies and digital assets, to manage transactions with foreign partners and counter Western sanctions. Elvira Nabiullina, the head of the Russian Central Bank, emphasized that the bank has relaxed its stance on the use of cryptocurrencies in international payments. She also mentioned efforts to establish alternative global payment systems, such as BRICS Bridge.
In recent weeks, Russia’s strong trade relations with countries such as China, India, the UAE, and Turkey, which have not implemented sanctions, have encountered significant difficulties. New sanctions from Western countries specifically target Russia’s major financial institutions, including the Moscow Stock Exchange and institutions that serve as an alternative to the SWIFT global payment system.
Nabiullina also discussed international cooperation, pointing out that BRICS countries are negotiating the establishment of the BRICS Bridge payment system. This multilateral digital settlement and payment platform aims to connect the financial systems of BRICS member countries and promote mutual trade. However, she warned that these discussions are complex and the development of such a system will take time.