Russia turned out to be well prepared for the sanctions imposed against its payment area within the country. However, unlike internal payment infrastructure, cross-border payments have proven to be more susceptive to political factors.
Sanctions and currency restrictions, the SWIFT ban against Russian banks, and new logistics flows have become a serious challenge for the entire financial market and companies that traditionally cooperate with unfriendly countries.
The landscape of cross-border payments both in Russia and in the world is changing by leaps and bounds: the increasing role of settlements in national currencies, settlements via friendly “transit countries,” clearing schemes, and settlements using different financial instruments.
How are the new world payment geography and models being formed?
What is needed to support established payment relationships with “transit” countries and how to increase their number?
How is the current cost of cross-border payments estimated taking into account the volatility of exchange rates and what impact does it have on the competitiveness of foreign economic activities?
Mechanisms for managing new currency risks
The variety of alternative payment methods is changing the financial system for foreign economic activities. Will banks remain the payment market leaders?
Moderator:
Tatiana Sakharova. Interim Chairman of the Board, EXIMBANK OF RUSSIA
Panellists:
Ilya Ivaninsky. Partner, Finance Practice Head, Yakov & Partners
Alexander Pankin. Deputy Minister of Foreign Affairs of the Russian Federation
Sergey Tsyplakov. Professor, Faculty of World Economy and International Politics, Higher School of Economics, 2001-2013. — Trade Representative of Russia in China
Nelson Wong. Chairman and Managing Director of the ACN Worldwide group of companies, Vice Chairman of the Shanghai Centre for RimPac and International Studies
Olga Basha. Vice President, Director of the International Settlements Development Department, VTB