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Risks of international settlements of Russian organizations in the context of fragmentation of the international financial and economic space and ways to overcome them

Vol. 30, Iss. 3, MARCH 2024

Received: 7 August 2023

Received in revised form: 25 September 2023

Accepted: 9 October 2023

Available online: 28 March 2024

Subject Heading: INTERNATIONAL PAYMENT MECHANISMS

JEL Classification: F31, F32, F33

Pages: 486–508

https://doi.org/10.24891/fc.30.3.486

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. The article addresses the issue of building a new model of international trade and international settlements, enabling to overcome risks and minimize imbalances in relations with the rest of the world.
Objectives. The study aims to identify and assess the main risks of the current model of world economic relations of the Russian Federation, including the structure of international trade, the model of international settlements and the state of the domestic currency market.
Methods. I employ general scientific methods.
Results. Analysis of commodity and geographical composition of foreign trade helps conclude about significant risks of the formed model. They include low diversification of exports, dependence of the economy on foreign supplies of goods of high redistribution, and concentration of foreign trade activities in unfriendly jurisdictions. The risk picture is supplemented by the high share of currencies of unfriendly countries in settlements for the supply of export and import goods. The realization of these risks under the fragmentation of the international financial and economic space leads to partial isolation of the domestic currency market from the international segment, disorganization of the system of international settlements between Russian counterparties and foreign partners.
Conclusions. The risks of international settlements can be partially mitigated by the gradual equalization of bilateral trade balances of the Russian Federation with the main trading partners, the transition to mutual settlements in national currencies and the use of clearing schemes.

Keywords: international trade, balance of payments, international payments, foreign exchange market, clearing

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