Elvira Nabiullina, the head of Russia's central bank, has discussed the challenges Russia is facing in cross-border settlements and emphasized the need for new solutions. She mentioned issues with import payments and declining trade volumes as key concerns. Nabiullina highlighted the potential of digital currencies and cooperation with global partners as possible solutions. She also mentioned the Bank of Russia's focus on finding different mechanisms for cross-border settlements and working through bilateral and multilateral frameworks. The worsening conditions for importers and the declining trade balance were noted as significant factors.



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