The official advised to develop a variety of payment methods in the context of international sanctions:
"Swaps, including central banks, some kind of clearing systems, the use of crypto - everything needs to be tested. Everything should be tried as soon as possible."
The first Deputy Chairman of the Bank of Russia stressed that 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, it's just everything, it's death."
Due to the risk of falling under secondary sanctions by the United States and the European Union, 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 companies from the Russian Federation 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 in cross-border settlements.