At the start of the year, growing chatter about Russian entrepreneurs facing payment hurdles in Turkey, China, and the UAE stirred concerns about tougher Western sanctions. Yet those concerns also hinted at the possibility of a BRICS-wide settlement alternative and a softening of the U.S. dollar’s dominance, a scenario discussed by Yulia Khandoshko, chief executive of the European broker Mind Money, in an interview with Rossiyskaya Gazeta. The focus wasn’t on doom but on the resilience of financial networks and the ingenuity of cross-border trade mechanics in response to political pressure.
Khandoshko noted that banks in the affected countries worried about secondary sanctions from the European Union and the United States. In practice, however, the impact proved less severe than feared. In China, the disruption was mostly limited to gray-area payments routed through smaller banks that were subsequently blocked. At the same time, Russia has advanced a strategy of using national currencies in its agreements with China, a move that reduces exposure to unilateral restrictions and preserves settlement efficiency within the bilateral framework.
Turning to the United Arab Emirates, banking there tends to serve a broad spectrum of clients with a focus on individualized services rather than bulk support for large corporate accounts. This structural characteristic means that the sanctions pressures seen elsewhere were less likely to disrupt major commercial activities. When it comes to Turkey, the path forward is being mapped in parallel with Moscow’s economic interests, especially in tourism, where cross-border cooperation remains a priority despite geopolitical tensions.
The expert stressed that very strict sanctions on Russia’s partners could push them toward creating a BRICS-style currency bloc or a new settlement mechanism based on mutual credit and bilateral trust. The United States is acutely aware of this risk and is cautious about severing financial channels entirely, fearing broader de-dollarization that could undermine the dollar’s reserve-currency status on the world stage.
“Washington worries about triggering a SWIFT analogue that would undermine the dollar’s position as the global reserve currency,” Khandoshko asserted, highlighting the strategic stakes involved for the U.S. economy and the international financial system. The assessment underlines how policy choices in one country can ripple across markets, altering how settlements are conducted and how risk is distributed among banks and corporations worldwide.
Beyond policy debates, the expert noted that Russian business circles have adapted to the current environment and that the risk of a total payments blockade has diminished. Firms have learned to navigate sanctions through diversified counterparties, currency arrangements, and alternative settlement channels, preserving continuity in trade and investment despite ongoing geopolitical headwinds.
In the broader context, analysts highlighted banks and financial institutions offering the most favorable conditions for transfers, with attention to stability, speed, and compliance frameworks. The evolving landscape reflects a shift toward resilience and diversification, where firms build buffers against sanctions while seeking new opportunities in regional collaborations and currency arrangements that reduce exposure to any single monetary system. The discussion remains ongoing as policymakers monitor the delicate balance between strategic security needs and the practical dimensions of global commerce, with Canada and the United States among the markets watching closely for any shifts in settlement practices or currency preferences across major trading partners. (Source: Rossiyskaya Gazeta)
Previous blockade on banks deprived Türkiye export earnings, prompting a reassessment of how exporters manage risk and finance working capital in the face of external pressure and evolving regulatory climates. The current trajectory suggests that while sanctions continue to bite in some sectors, the overall system shows a capacity for adaptation that preserves intercontinental trade flows and supports ongoing economic activity in North America and beyond.