International Settlements Department

The International Settlements Department was established at the Bank of Russia on 15 February 2023.

The Department deals with issues that have become particularly relevant in the context of the adaptation of the Russian economy and financial sector to modern realities. These issues include the development of correspondent relations between Russian banks and their counterparties from friendly countries, transition to settlements in national currencies, and the expansion of opportunities for cross-border transactions.

The Department facilitates establishing relations between Russian businesses and foreign partners, advises Russian financial institutions and companies on international settlements, interacts with foreign regulators, as well as identifies and helps remove obstacles in financial relations with partner countries.

As regards international settlements, it prepares proposals and initiatives for the cooperation of intergovernmental committees with friendly countries, and collaborates with ministries and agencies, market participants and experts. The International Settlements Department directly communicates with the Bank of Russia units responsible for the development of the payment system, cooperation with international organisations, and the development of the financial market.