Russian Federation creating new payment and settlement system with Asian, African, and Latin American countries
A significant portion of mutual settlements must be converted to national currencies
The Russian Federation, together with partner states in Asia, Africa, and Latin America, is conducting practical work to unite national financial information transfer systems. This was stated by Russian Deputy Foreign Minister Sergei Ryabkov during the Nizhny Novgorod Economic Forum.
The diplomat emphasized that the formation of an independent payment and settlement architecture is already an implemented scenario, not just a declaration of intent. According to him, a substantial share of mutual settlements with key international partners has already been successfully converted to national currencies.
Under sanctions pressure, Moscow is focused on creating a protected foreign trade infrastructure encompassing financial mechanisms, logistics, and transport corridors. Ryabkov noted that priority areas for multifaceted economic cooperation remain the countries of the Asia-Pacific region (primarily China and India), Islamic world states, as well as African and Latin American countries.
