Deputy Chairman of the Bank of Russia: To solve problems with transfers, you need to use crypto as quickly as possible

The official advised to develop 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 United States and the European Union, a number of banks from so-called friendly countries 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 since 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.