Key facts
- Russia should ignore Western sanctions, according to Vladimir Chistyukhin, first deputy governor of the Bank of Russia.
- Chistyukhin stated that Russia needs to deepen its financial sovereignty and build payment infrastructure less exposed to external pressure.
- Russia has been promoting its own payment infrastructure since being cut off from SWIFT in 2022.
- 88% of Russia's settlements with friendly countries are now conducted outside currencies of 'unfriendly' states.
- Digital currencies and cryptocurrencies are being integrated into legal frameworks in Russia.
- Economic commentator Alexey Bobrovsky noted that financial weapons have been used historically and countries must treat them as a lasting feature of global finance.
Vladimir Chistyukhin, first deputy governor of the Bank of Russia, stated at the St. Petersburg International Economic Forum that Western sanctions must be 'ignored' and that Russia should deepen its financial sovereignty. He emphasized the need to build payment infrastructure less exposed to external pressure, citing the country's promotion of its own payment systems like SPFS, the Mir payment system, and digital ruble and cryptocurrency initiatives for cross-border transactions since being cut off from SWIFT in 2022. Chistyukhin noted that finance has become a tool of external pressure and that Russia requires diversified platforms, including domestic payment and rating systems, to remain resilient. He reported that 88% of Russia's settlements with partners from friendly countries are now conducted outside currencies of 'unfriendly' states, with only 12% still using them. Olga Goncharova of the Association of Russian Banks mentioned that regulators are moving digital currencies and cryptocurrencies into legal frameworks, with experimental cross-border use and an offshore ruble stablecoin facilitating national-currency settlements. Economic commentator Alexey Bobrovsky added that financial weapons have been used historically and that cryptocurrencies cannot fully replace traditional ones due to high energy costs, predicting a future mix of traditional currencies supported by digital assets. Deputy Finance Minister Ivan Chebeskov commented that the world is moving towards decentralized platforms and national instruments, a process expected to take years.