Modern Aspects of the Problem of Cross-Border Payments between Russia and China

The transformation of the state of the socio-economic system of the Russian Federation in a multipolar world is caused, among other things, by the problems associated with cross-border payments under the pressure of sanctions and trade restrictions from the EU, the USA and their allies. The purpose of the article is to analyse the directions of solving the problems associated with the Russian-Chinese cross-border payments to the People's Republic of China under the pressure of sanctions and trade restrictions. The currency structure of settlements for export and import of goods and services under foreign trade contracts of the Russian Federation in 2019/2024 has been analysed and the currency structure in international settlements via SWIFT system has been determined. The relationship in solving the problems of cross-border payments between Russia and China and the introduction of active measures aimed at combating dollarization and its sustainability is revealed. It is concluded that the implementation of cross-border payments on the basis of national and digital currencies of China and Russia, the use of supranational currency in the framework of settlements of international organisations SCO and BRICS, the implementation of barter transactions in the framework of bilateral Russian-Chinese clearing, cross-border payments through cryptocurrency or payments through third countries, the creation of an alternative international payment system BRICS Bridge — can help to overcome the US economic sanctions and control measures by European regulators. Theoretical and practical significance of the study is to identify promising solutions to the problems associated with Russian-Chinese cross-border payments on the basis of taking into account the interests of the two countries, which will increase trade turnover and improve the efficiency of economic cooperation not only between Russia and China, but also between all BRICS member countries.

Cross-border payments, trade restrictions, sanctions, dedollarization, financial system, digital currencies, yuan, barter trade, clearing mechanisms, BRICS Bridge