Russian companies are adopting alternative methods, such as gold and cryptocurrencies, to facilitate international payments in the context of sanctions.
Raluca Niculae
International
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Yuri Chikhanchin, the head of Russia's Federal Service for Financial Monitoring, said Russian firms are successfully using offsets, gold and cryptocurrencies to make international payments, especially in the context of US sanctions. These methods have emerged in response to stagnating trade payments with key partners such as China and India. Clearing allows payments to be handled through verified agents, and gold is increasingly used in transactions. A new crypto transaction monitoring system, developed with the Central Bank, will also be operational by 2025.
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