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On the issue of contour transformation of international settlements in the context of increasing geopolitical risks and fragmentation of the global financial and economic area

Vol. 30, Iss. 1, JANUARY 2024

Received: 7 August 2023

Received in revised form: 28 September 2023

Accepted: 12 October 2023

Available online: 30 January 2024

Subject Heading: INTERNATIONAL PAYMENT MECHANISMS

JEL Classification: F33, F37

Pages: 4–19

https://doi.org/10.24891/fc.30.1.4

Anton V. NAVOI Financial University under Government of Russian Federation, Moscow, Russian Federation
Ant.navoy@yandex.ru

https://orcid.org/0000-0001-7058-4257

Subject. Given the increasing geopolitical risks, new approaches are needed to organize the contour of the international payment system, which ensures safety and reliability of international settlements
Objectives. The article aims to assess the approaches of the Committee on Payment and Settlement Systems to creating models of international payment systems, propose a model for organization of international settlements for the Russian Federation, identify the specifics of the existing models of national payment systems of the Russian Federation and PRC for organization of interaction within the framework of the international payment system, evaluate prospects for joining the international payment system of other BRICS countries.
Methods. The study employs general scientific methods.
Results. Based on the specifics of restrictions on international operations of residents of the Russian Federation, the optimal solution to the problem is to create a closed international payment system on the basis of the payment system of the Bank of Russia, and gradually connect payment service providers from friendly jurisdictions to it, the most promising of which is the Chinese payment system CIPS. Creating a separate international payment system based on Peer-to-Peer type payment infrastructures, using digital currencies of central banks of BRICS countries is a promising model of the organization of international settlements.
Conclusions. Building a closed international payment system on the basis of the Bank of Russia's payment system will enable to significantly overcome the existing problems, provide Russian companies and banks with a reliable and safe settlement mechanism for foreign trade and financial transactions.

Keywords: international trade, international settlements, international payment system, digital currency, central bank

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