The US sanctions against Russia in recent weeks have put pressure on the Turkish banking system, leading to a payment crisis between Russia and Turkey. An important step came from the Russian parliament to resolve this crisis. Russia has approved a bill allowing the use of digital assets in international transactions.
US sanctions against Russia have put pressure on Turkey’s financial system, leading to a payment crisis between Russia and Turkey. Following this situation, the Russian Parliament approved a bill that allows the use of digital assets in international payments. The move, which follows statements by US Deputy Treasury Secretary Wally Adeyemo, will allow Russia to shield some cross-border money flows from international controls.
THE AIM IS MORE INDEPENDENCE
Russian lawmakers have approved a draft law enabling the use of digital financial assets (DFAs) in international payments. This step is aimed at ensuring greater independence in the operations of Russia’s banking system in order to reduce foreign influence. “They put pressure on banks, including those from friendly countries, so that banks make it difficult for Russian companies to pay foreign organizations,” Anatoly Aksakov, head of the finance committee in the lower house of the Russian parliament, said in a statement. Aksakov said the law would reduce foreign influence by ensuring greater independence in the banking system’s operations.
FINANCIAL DIFFICULTIES BETWEEN TURKEY AND RUSSIA
The US sanctions against Russia have led to difficulties in financing trade, especially between Turkey and Russia. US Deputy Treasury Secretary Wally Adeyemo, citing reports from financial institutions, noted the decline in international fund flows to Russia. Adeyemo’s statements showed that the US threat to impose sanctions on financial institutions working with Russia has disrupted the financing of trade between Turkey and Russia.
In December, the United States issued a presidential decree threatening to impose sanctions on financial institutions in third countries that helped Russia circumvent sanctions imposed by Western countries over its invasion of Ukraine, which led to serious problems in financing payments between Turkey and Russia.
