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The Bank of Russia has outlined the key directions for the development of the financial market for 2027–2029, paying particular attention to the advancement of foreign trade payment and settlement systems. Alexey Kazartsev, Chairman of the International Banking Committee of the FBA EAC, commented on the regulator's priorities concerning cross-border settlements.
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– The FBA EAC fully supports the Bank of Russia's priorities for overcoming restrictions in cross-border settlements. The banking community acknowledges that while the market has demonstrated high adaptability, the current transformation comes at a significant cost.
– The Central Bank highlights the necessity of developing alternative channels. Currently, up to 70% of transactions already bypass "traditional" routes, operating without the US dollar and Western-controlled payment systems such as SWIFT for corporate entities and Visa/Mastercard for individuals. However, this creates a "premium for the lack of sovereign infrastructure": intermediary fees reach up to 5%, and every third transaction encounters compliance-related delays. The regulator's objective to ensure non-discriminatory access and foster correspondent banking relationships is critically important for reducing the cost of these financial flows.
– Regarding the use of national currencies and the Faster Payments System (FPS), the banking community sees immense potential. The Central Bank's proposed development of the FPS for the B2B segment will ensure instant 24/7 settlements, directly addressing the operational needs of the business community.
– The segment concerning alternative payment schemes and "Mir" cards requires a more profound technological shift. The targeted, piecemeal promotion of "Mir" cards is insufficient. There is a systemic need to move away from the US-controlled corporate EMV standard, which creates systemic vulnerabilities. The experience of the People's Republic of China (PRC) demonstrates the viability of transitioning to mobile QR-code systems and independent software based on ISO standards.
– The banking community is aligned with the Central Bank's course on developing Central Bank Digital Currencies (CBDCs) and regulating Digital Financial Assets (DFAs) for foreign economic activity. With the launch of the digital ruble, businesses gain a tool capable of generating over 103 billion rubles in annual savings. However, this requires robust interstate coordination. Initiatives such as BRICS Pay demonstrate that central banks must establish direct interaction, with commercial entities serving merely as operational proxies.
Summarizing, Alexey Kazartsev emphasized that the stage of theoretical discussions has concluded. To minimize risks, the business community awaits practical implementation: the creation of international payment circuits within the control perimeter of authorized banks, and a definitive pivot away from Western gateways toward decentralized settlement bridges.
17 September, 2026
The FBA EAC Supports the Bank of Russia's Priorities for Overcoming Restrictions in Cross-Border Settlements
The Bank of Russia has outlined the key directions for the development of the financial market for 2027–2029, paying particular attention to the advancement of foreign trade payment and settlement systems. Alexey Kazartsev, Chairman of the International Banking Committee of the FBA EAC, commented on the regulator's priorities concerning cross-border settlements.
The expert's key points are as follows:
– The FBA EAC fully supports the Bank of Russia's priorities for overcoming restrictions in cross-border settlements. The banking community acknowledges that while the market has demonstrated high adaptability, the current transformation comes at a significant cost.– The Central Bank highlights the necessity of developing alternative channels. Currently, up to 70% of transactions already bypass "traditional" routes, operating without the US dollar and Western-controlled payment systems such as SWIFT for corporate entities and Visa/Mastercard for individuals. However, this creates a "premium for the lack of sovereign infrastructure": intermediary fees reach up to 5%, and every third transaction encounters compliance-related delays. The regulator's objective to ensure non-discriminatory access and foster correspondent banking relationships is critically important for reducing the cost of these financial flows.
– Regarding the use of national currencies and the Faster Payments System (FPS), the banking community sees immense potential. The Central Bank's proposed development of the FPS for the B2B segment will ensure instant 24/7 settlements, directly addressing the operational needs of the business community.
– The segment concerning alternative payment schemes and "Mir" cards requires a more profound technological shift. The targeted, piecemeal promotion of "Mir" cards is insufficient. There is a systemic need to move away from the US-controlled corporate EMV standard, which creates systemic vulnerabilities. The experience of the People's Republic of China (PRC) demonstrates the viability of transitioning to mobile QR-code systems and independent software based on ISO standards.
– The banking community is aligned with the Central Bank's course on developing Central Bank Digital Currencies (CBDCs) and regulating Digital Financial Assets (DFAs) for foreign economic activity. With the launch of the digital ruble, businesses gain a tool capable of generating over 103 billion rubles in annual savings. However, this requires robust interstate coordination. Initiatives such as BRICS Pay demonstrate that central banks must establish direct interaction, with commercial entities serving merely as operational proxies.
Summarizing, Alexey Kazartsev emphasized that the stage of theoretical discussions has concluded. To minimize risks, the business community awaits practical implementation: the creation of international payment circuits within the control perimeter of authorized banks, and a definitive pivot away from Western gateways toward decentralized settlement bridges.
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