As sanctions continue, Russia will start on CBDC in Q1.

This quarter, the central bank will study two CBDC settlement models.

Russia's central bank is reportedly developing a cross-border settlement system using a CBDC amid ongoing sanctions over its invasion of Ukraine.

According to Kommersant, Russia's central bank will study two possible cross-border settlement models in the first quarter of 2023.

First, countries enter bilateral agreements with Russia to integrate their CBDC systems.

Each agreement would ensure asset conversion and transfer follow the rules.

The second model proposes a hub-like platform for Russia to interact with other countries, sharing common protocols and standards to facilitate payments.

Roman Prokhorov, head of the AFI, said the first model was easier to implement but less promising for bilateral interactions between countries.

The other option was more "advanced," and he considered a two-way system with China as the most likely partner given its "technological and political readiness."

In September, reports said Russia planned to use its digital ruble for China by 2023.

Others think Russia's CBDC play will be hampered by politics, not technology.

Alexey Voylukov, vice president of the Association of Banks of Russia, said introducing a digital ruble won't change or improve Russia's global political situation and CBDC platform trials can only be conducted with friendly and technologically ready countries.

The Bank of Russia previously said it would launch its digital ruble by 2024, with all banks and credit institutions connected to CBDC's platform.

Since Russia invaded Ukraine in late February 2022, it has faced increasing financial and trade sanctions.

It has since considered ways to skirt the sanctions, such as using cryptocurrencies "only to support foreign trade."

The Bank of Russia and Finance Ministry agreed in September to allow cross-border crypto payments.

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