Irina Zasedatel, Vice President of the Association of Exporters and Importers (AEI), outlined the current challenges and opportunities for Russian businesses in the field of international cooperation. She emphasized that amid global transformations, developing alternative approaches to cross-border payments is becoming increasingly crucial. Sanctions-related restrictions, the disconnection of major Russian banks from SWIFT, and heightened scrutiny by foreign regulators demand flexibility and a proactive approach from businesses to adopt innovative solutions.

Russia continues to enhance cooperation with international partners, creating new opportunities for businesses in the evolving global landscape. A key focus remains engagement with the BRICS alliance, which includes China, India, Brazil, and South Africa, along with its newest members— the UAE, Iran, Egypt, and Ethiopia. Together, BRICS nations account for 29% of global GDP and 23% of international trade, underscoring the bloc’s expanding influence on the world economy.
Furthermore, promising opportunities are emerging in collaboration with Vietnam, a key market for Russian companies seeking to expand the sale of technologies and IT solutions for agricultural automation.
A strong focus is placed on developing transport and logistics infrastructure. The 73rd Meridian project, designed to establish a Eurasian transport corridor, brings together eight countries and includes the construction of an aerotropolis in Omsk. This initiative will significantly enhance regional connectivity and streamline logistics for businesses. Additionally, new financial instruments such as BRICS Clear and BRICS Pay support the shift to settlements in national currencies, reducing reliance on the dollar and euro. These measures strengthen Russia’s economic ties with its partners and create new export opportunities in sectors such as energy, the agro-industrial complex, and the chemical industry, Irina Zasedatel emphasizes.
“Cross-border payments continue to pose challenges for businesses amid sanctions and the disconnection of Russian banks from SWIFT. Issues such as payment rejections, difficulties in counterparty identification, and reliance on third countries for transactions create additional barriers,” the expert explains. “However, Russia is actively developing alternative mechanisms, including digital financial assets (DFA) and cryptocurrency-based settlements.”
In September 2024, the Bank of Russia launched pilot settlements in cryptocurrency for foreign trade contracts. These technologies create new opportunities for businesses, enhancing transaction transparency and speed. Additionally, the introduction of the BRICS Clear and BRICS Pay financial systems helps reduce reliance on Western platforms and strengthens trade within the alliance.
“Russia continues to adapt to evolving conditions, providing businesses with innovative tools to expand international cooperation,” Irina Zasedatel concludes.