Recently, the Bank of Russia has observed a worsening in the foreign trade agreements affecting Russian enterprises, according to remarks delivered by Central Bank governor Elvira Nabiullina at a press briefing. The report comes from a correspondent for a news outlet covering social and economic developments.
Nabiullina explained that the present environment is prompting more companies to explore a wider array of alternative payment methods. The Central Bank remains actively engaged in these negotiations, evaluating each new development alongside industry representatives and business stakeholders.
She highlighted the potential role of digital financial assets and the progress of payments tied to central bank digital currencies as part of the broader modernization of settlement systems.
“Yet the primary objective remains payments in national currencies”, Nabiullina emphasized, underscoring the focus on sustaining monetary sovereignty and reducing dependencies on foreign settlement rails.
The governor also pointed to the importance of independent settlement infrastructures and the ongoing work to strengthen the system of correspondent banking relationships, which support cross-border transactions for Russian clients.
Earlier, the Russian Consul General in Istanbul, Andrey Buravov, noted that Russia and Turkey are actively pursuing alternative payment mechanisms due to existing friction in Russia–Turkey payment channels. This collaboration aims to ensure smoother trade flows and reduce exposure to disruptive bottlenecks.
Turkish banks began the year by tightening the terms for Russian entities, including stricter account closures for some Russian legal entities and higher requirements for individual clients.
In response, Russian authorities and financial institutions have been examining practical steps to maintain liquidity and access to funds, including guidance on lawful withdrawal methods from foreign banks when an account is blocked, and the exploration of safeguards that can minimize disruption to trade and everyday business operations.