Current Trends and Prospects for the Development of the Foreign Exchange Market of the Russian Federation in the Context of Sanctions Pressure

The article examines the factors, features and trends in the development of foreign trade payments as an integral part of the global foreign exchange market in the context of global financial imbalances, deglobalization processes and the sanctions regime against Russia. Special attention is paid to alternative calculation mechanisms in foreign trade transactions, as well as to the characteristics of the channels of influence of the current conditions of the functioning of the Russian foreign exchange market on the strategy of monetary policy. Given the fact that the development of foreign trade payments has become one of the key areas of financial market development, it is extremely important to actively work with foreign regulators and market participants, based on the priority of building foreign economic activity on market principles, in terms of financial services activities, giving priority to the use of the Russian ruble and other national currencies in international settlements. The article also analyzes and identifies, in the author's opinion, the most effective methods of work to overcome existing limitations and create conditions for the development of an international settlement system that fully meets the challenges and needs «in the era of modern times».