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In the midst of ongoing sanctions as a result of its invasion of Ukraine, the Central Bank of Russia is reportedly ready to start creating a cross-border settlement system utilizing a central bank digital currency, or CBDC.Since Russia’s full-scale invasion of Ukraine in late February 2022, which escalated the Russo-Ukrainian war, the country has been subject to increasing economic and financial sanctions.The Bank of Russia previously stated that it intended to introduce the digital ruble by 2024, with all banks and financial institutions linked to the CBDC platform.<h2 id="header-0">Russia prepares CBDC rollout based on two models</h2>According to a Jan. 9 <a href="https://www.kommersant.ru/doc/5758849" rel="noopener noreferrer nofollow">report</a> by local media outlet Kommersant, preparations to move forward with Russia’s digital ruble are planned in the first quarter of 2023, with Russia’s central bank studying two prospective cross-border settlement models.The first proposed model calls for other countries to enter into bilateral agreements with the Kremlin to integrate their CBDC systems.The second, more difficult concept envisions a single hub-like platform for Russia to engage with other countries, with the connected countries sharing similar protocols and standards to simplify payments.A rule permitting Russians to transfer <a href="https://micky.com.au/crypto-payments-in-russia-will-be-legalized-trade-minister-says/" rel="noopener noreferrer nofollow">cross-border payments using cryptocurrency</a> was agreed upon by the Bank of Russia and the Ministry of Finance in September.

Sanctions trigger Russia to fast-track CBDC settlement system

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