On 26 September, the United Kingdom announced a new package of sanctions against Russia. This round contains 92 sanctions, in response to referendums held by Russia in Ukraine following its controversial invasion. A number of these sanctions are meant to hurt executives from state-backed financial institutions. Russian banks have been facing a lot of heat […]
a new package of sanctions against Russia. This round contains 92 sanctions, in response to referendums held by Russia in Ukraine following its controversial invasion. A number of these sanctions are meant to hurt executives from state-backed financial institutions.
to expel more Russian banks from the SWIFT network in order to hurt Russia’s financial infrastructure.Russia’s central bank has tried to tackle this problem by ramping up the development of its digital ruble and easing restrictions on the use of crypto for cross-border transactions.by Reuters revealed the latest developments around Russian CBDCs.
As of now, the digital rouble is undergoing trials conducted by the Bank of Russia, in collaboration with other financial institutions. When the central bank had announced trials earlier this year, a dozen Russian banks showed interest in being a part of the pilot program.The Russian lawmaker also revealed that the digital rouble could be launched by early 2023 and the country plans to use it to facilitate mutual settlements with China.
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