State and prospects of trade development between the Russian Federation and friendly countries in the context of sanctions restrictions

The sanctions war, triggered by the fragmented economy, restrictions on payment for goods in international settlements, has caused disconnection from the Society for Worldwide Interbank Financial Telecommunication, slowing economic growth, threat of falling into a trap of prolonged stagnation, high levels of uncertainty, and limited access to capital markets. These are conditions in which the Russian Federation (hereinafter referred to as RF, Russia) was forced into in early 2020. They have predetermined the need to find new forms of interaction and cooperation with friendly and unfriendly countries. The article analyses Russia’s trade relations with friendly states, highlights the problems and trends of their development. A special place is occupied by the issues of settlements between the RF and partner countries. An analysis of the main means of settlement between Russia and counterparties, such as rubles, national currencies, yuans, cryptocurrency, and gold, has allowed us to conclude about the development prospects of the ruble component in the settlement system. The article makes an unequivocal conclusion that it is not worth relying on one specific system of international settlements, you need to have in stock the necessary and sufficient number of methods to ensure mutual settlements with all countries that are focused on the development of export-import relations with the RF.

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