Russian firms use netting, gold and crypto in transborder payments, watchdog chief tells Putin
By Elena Fabrichnaya and Gleb Bryanski
MOSCOW (Reuters) -Russian companies are successfully using netting, gold, and cryptocurrency to facilitate international payments, the head of Russia’s financial watchdog told President Vladimir Putin on Tuesday.
Netting involves banks managing export and import payments through verified agents, with transactions centrally balanced to ensure counterparties receive their funds.
International payments for Russian trade nearly stalled in the spring of 2024 as banks in Russia’s key trading partners, including China, India, Turkey and the United Arab Emirates, came under the threat of secondary U.S. sanctions.
The problem has eased substantially since then, with officials saying businesses…
