Bank of Russia establishes International Settlements Department

A new structural unit — the International Settlements Department — has been created at the Bank of Russia on 15 February 2023.

The Department will deal with issues that have become especially relevant in view of Russia sanctions. These issues include the development of correspondent relations between Russian banks and their counterparties from friendly countries, transition to settlements in national currencies, as well as the expansion of opportunities for cross-border transactions.

The new department is headed by Mikhail Kovrigin, the former director of the Financial Market Strategy Department.

In addition, a decision was made to establish from 15 February 2023 the Department for Cooperation with International Organisations on the basis of the International Cooperation Department, which, in turn, will be abolished before 1 September 2023.

The reference to the Press Service is mandatory if you intend to use this material.