Transformation of cross-border financial transactions under sanctions pressure: analysis of alternative payment mechanisms and strategies for ensuring Russia's economic stability

Russia's financial relations with international partners have become significantly complicated due to the introduction of a set of sanctions restrictions. Blocking access of domestic financial institutions to global payment infrastructures, including the SWIFT system, combined with the risk of secondary sanctions for foreign correspondent banks, determined the fundamental transformation of cross-border settlement mechanisms. These circumstances led to a significant increase in operating costs, destabilization of interbank trust, and the formation of significant barriers to international transactions by Russian economic entities. The subject of the research is the development and justification of alternative mechanisms for making cross-border payments in the context of sanctions pressure aimed at restricting the access of the Russian economy to the global financial system. The study analyzes the impact of anti-Russian sanctions, including the disconnection of domestic banks from the SWIFT system, and the application of secondary sanctions against foreign banks, on the payment infrastructure of Russia and its international partners. The following methods were used in the study: system approach, comparative analysis, case study method, expert, empirical, predictive, logical, systemic, functional research methods. The purpose of the study is to analyze and develop new mechanisms for cross-border financial transactions to ensure the stability of the financial system in Russia. The main focus is on finding innovative approaches to organizing international settlements using local currencies and specialized exchange platforms. Important in this context are solutions aimed at reducing the negative impact of sanctions on the country's payment infrastructure. In order to develop the national technological base and strengthen financial independence, a conceptual model of a specialized exchange platform is proposed. This system, based on the principles of mutual settlements in national currencies and supply guarantee mechanisms, provides for the active participation of private capital to diversify risks.

cross-border payments, sanctions pressure, international settlements, national currencies, secondary sanctions, cryptocurrencies, P2P-services, national exchanges, digital financial assets, currency volatility