Under the umbrella of the International Institute for Research on Management Problems, progress is being made on a currency project intended to streamline settlement within BRICS. Reports from the Russian media outlet Vedomosti describe a decentralized ecosystem named Unit, which would operate with its own settlement and payment unit, UNT. The aim behind this development is to enable smoother cross-border transactions in the face of ongoing sanctions, creating a framework where value can move securely even when traditional channels face restrictions. In essence, the project seeks to supply an alternative that could reduce reliance on established reserve currencies and foster more autonomous financial flows among BRICS members and partner economies.
The core idea centers on establishing a robust settlement layer that can coexist with, yet operate independently from, conventional currency rails. By separating settlement mechanics from standard fiat liquidity, the Unit ecosystem envisions a trusted, governance-driven mechanism for finalizing payments and recording transactions. UNT would function as the unit of account within this system, offering participants a familiar but distinct medium for settlement that can be reconciled with existing currencies when necessary. The strategic rationale is to improve resilience in the payment architecture, particularly in scenarios where sanctions or other geopolitical pressures complicate access to foreign exchange markets. This approach emphasizes stability, interoperability, and the potential to reduce friction in bilateral and multilateral trade within the BRICS sphere.
Earlier, news emerged that the Moscow Exchange was set to stop trading in U.S. dollars and euros as of June 13 due to sanctions imposed by the United States. The exchange clarified that from the following day onward, all trading activity would shift to other instruments within the foreign exchange and precious metals markets, with the exception of currency pairs that involve the dollar and the euro. This shift underscores the ongoing adjustments in the Russian financial markets as they adapt to external pressures, while seeking to preserve liquidity through alternative instruments and venues. The decision reflects a broader trend in which sanctions influence trading patterns, capitalization, and the availability of traditional currency pairs for market participants. It also highlights the pressure to diversify the set of assets used in everyday hedging and settlement activities as sanctions evolve.
In a subsequent analysis, ATOR explored the potential ramifications of these sanctions on the tourism sector, examining how changes in currency access and payment infrastructure might affect international travelers, travel services, and related businesses. The discussion focused on travel demand, booking patterns, and the operational readiness of carriers and agents to handle non-dollar settlements or alternative payment arrangements. Policymakers and industry stakeholders are paying close attention to how the evolution of sanctions will shape consumer behavior, exchange rate exposure, and the capacity of the tourism ecosystem to adapt to non-traditional settlement environments. The outlook considers risk management, pricing strategies, and the resilience of payment ecosystems that travelers depend on when planning trips to and from Russia and its partner economies.
Earlier assessments of the Central Bank’s response to sanctions on the Moscow Exchange highlighted the complexity of macro-financial coordination under restrictive measures. Officials indicated a careful balancing act between maintaining domestic financial stability and accommodating the external pressures that come with sanctions. The ongoing dialogue between monetary authorities and market participants centers on preserving liquidity, ensuring transparent settlement processes, and coordinating regulatory actions to mitigate volatility. The conversation also touches on how such responses influence cross-border investment, tourism-related payments, and the availability of reliable financial services for businesses and consumers alike. In this environment, the development of alternative settlement schemes like UNT gains relevance as part of a broader strategy to reinforce financial sovereignty while sustaining international trade and travel flows.